SANM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($142.30)
DCF	$-2202.81	-1648.0%
Graham Number	$65.53	-53.9%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$145.74	+2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$371.33M

Near-term growth (yrs 1–5)(%)Rev: 59.0% / EPS: -23.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.63%

Computed WACC: 7.63%

Cost of equity (Re)9.95%(Rf 4.30% + β 1.03 × 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)76.71%

Debt weight (D/V)23.29%

Results

Intrinsic Value / share$-2986.01

Current Price$142.30

Upside / Downside-2198.4%

Net Debt (used)$940.69M

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

WACC \ Near-term	51.0%	55.0%	59.0%	63.0%	67.0%
7.0%	$-2725.60	$-3099.69	$-3514.19	$-3972.30	$-4477.39
8.0%	$-2122.88	$-2412.89	$-2734.17	$-3089.21	$-3480.60
9.0%	$-1712.26	$-1945.00	$-2202.81	$-2487.66	$-2801.62
10.0%	$-1416.40	$-1607.91	$-1820.01	$-2054.32	$-2312.54
11.0%	$-1194.43	$-1355.02	$-1532.85	$-1729.26	$-1945.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.19

Book Value / share($)Yahoo: $45.55

Results

Graham Number$65.53

Current Price$142.30

Margin of Safety-53.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.63%

Terminal growth rate(%)

Computed WACC: 7.63%

Cost of equity (Re)9.95%(Rf 4.30% + β 1.03 × 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)76.71%

Debt weight (D/V)23.29%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$142.30

Implied Near-term FCF Growth—

Historical Revenue Growth59.0%

Historical Earnings Growth-23.3%

Base FCF (TTM)-$371.33M

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$142.30

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $598.79M

Target EV/EBITDA multipleCurrent: 14.9×

Net Debt($B)Default: $940.69M

Results

Implied Equity Value / share$145.74

Current Price$142.30

Upside / Downside+2.4%

Implied EV$8.90B

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

Mult \ Net Debt	-$1.06B	-$59.31M	$940.69M	$1.94B	$2.94B
10.9x	$138.50	$120.19	$101.87	$83.56	$65.25
12.9x	$160.43	$142.12	$123.80	$105.49	$87.18
14.9x	$182.36	$164.05	$145.74	$127.42	$109.11
16.9x	$204.29	$185.98	$167.67	$149.35	$131.04
18.9x	$226.23	$207.91	$189.60	$171.29	$152.97

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