SATS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($118.68)
DCF	$-50.62	-142.7%
Graham Number	—	—
Reverse DCF	—	implied g: 19.9%
DDM	—	—
EV/EBITDA	$212.83	+79.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.11B

Near-term growth (yrs 1–5)(%)Rev: -7.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.15%

Computed WACC: 5.15%

Cost of equity (Re)9.88%(Rf 4.30% + β 1.01 × 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)52.17%

Debt weight (D/V)47.83%

Results

Intrinsic Value / share$132.50

Current Price$118.68

Upside / Downside+11.6%

Net Debt (used)$27.41B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-49.56	$-24.17	$5.37	$39.56	$78.94
8.0%	$-71.90	$-51.46	$-27.72	$-0.28	$31.28
9.0%	$-87.38	$-70.36	$-50.62	$-27.84	$-1.66
10.0%	$-98.74	$-84.23	$-67.41	$-48.03	$-25.79
11.0%	$-107.44	$-94.83	$-80.25	$-63.45	$-44.20

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-45.02

Book Value / share($)Yahoo: $36.61

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$118.68

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.15%

Terminal growth rate(%)

Computed WACC: 5.15%

Cost of equity (Re)9.88%(Rf 4.30% + β 1.01 × 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)52.17%

Debt weight (D/V)47.83%

Results

Current Price$118.68

Implied Near-term FCF Growth4.3%

Historical Revenue Growth-7.1%

Historical Earnings Growth—

Base FCF (TTM)$1.11B

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$118.68

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.31B

Target EV/EBITDA multipleCurrent: 46.4×

Net Debt($B)Default: $27.41B

Results

Implied Equity Value / share$212.83

Current Price$118.68

Upside / Downside+79.3%

Implied EV$60.72B

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

Mult \ Net Debt	$13.41B	$20.41B	$27.41B	$34.41B	$41.41B
42.4x	$268.85	$224.13	$179.41	$134.69	$89.97
44.4x	$285.56	$240.84	$196.12	$151.40	$106.68
46.4x	$302.27	$257.55	$212.83	$168.11	$123.39
48.4x	$318.98	$274.26	$229.54	$184.82	$140.10
50.4x	$335.69	$290.97	$246.25	$201.53	$156.81

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