SAM — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($223.16)
DCF	$411.00	+84.2%
Graham Number	$126.56	-43.3%
Reverse DCF	—	implied g: -6.2%
DDM	—	—
EV/EBITDA	$265.42	+18.9%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $190.60M

Near-term growth (yrs 1–5)(%)Rev: -4.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.75%

Computed WACC: 9.75%

Cost of equity (Re)9.90%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)98.42%

Debt weight (D/V)1.58%

Results

Intrinsic Value / share$370.23

Current Price$223.16

Upside / Downside+65.9%

Net Debt (used)-$184.39M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$414.34	$493.79	$586.22	$693.19	$816.41
8.0%	$344.43	$408.38	$482.66	$568.52	$667.29
9.0%	$295.99	$349.24	$411.00	$482.28	$564.20
10.0%	$260.43	$305.85	$358.46	$419.11	$488.71
11.0%	$233.20	$272.67	$318.31	$370.85	$431.09

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $8.62

Book Value / share($)Yahoo: $82.59

Results

Graham Number$126.56

Current Price$223.16

Margin of Safety-43.3%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.75%

Terminal growth rate(%)

Computed WACC: 9.75%

Cost of equity (Re)9.90%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)98.42%

Debt weight (D/V)1.58%

Results

Current Price$223.16

Implied Near-term FCF Growth-4.5%

Historical Revenue Growth-4.1%

Historical Earnings Growth—

Base FCF (TTM)$190.60M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$223.16

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $242.28M

Target EV/EBITDA multipleCurrent: 8.7×

Net Debt($B)Default: -$184.39M

Results

Implied Equity Value / share$265.42

Current Price$223.16

Upside / Downside+18.9%

Implied EV$2.10B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$2.18B	-$1.18B	-$184.39M	$815.61M	$1.82B
4.7x	$385.43	$269.02	$152.61	$36.20	$-80.21
6.7x	$441.83	$325.43	$209.02	$92.61	$-23.80
8.7x	$498.24	$381.83	$265.42	$149.01	$32.60
10.7x	$554.65	$438.24	$321.83	$205.42	$89.01
12.7x	$611.05	$494.64	$378.23	$261.82	$145.42

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