SBAC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($198.92)
DCF	$31060.28	+15514.5%
Graham Number	—	—
Reverse DCF	—	implied g: 19.0%
DDM	$103.00	-48.2%
EV/EBITDA	$198.22	-0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $918.48M

Near-term growth (yrs 1–5)(%)Rev: 3.7% / EPS: 115.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.27%

Computed WACC: 5.27%

Cost of equity (Re)9.08%(Rf 4.30% + β 0.87 × 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)58.03%

Debt weight (D/V)41.97%

Results

Intrinsic Value / share$93561.15

Current Price$198.92

Upside / Downside+46934.6%

Net Debt (used)$15.07B

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

WACC \ Near-term	107.6%	111.6%	115.6%	119.6%	123.6%
7.0%	$42382.47	$46631.65	$51214.12	$56149.13	$61456.64
8.0%	$32439.20	$35693.03	$39202.00	$42980.82	$47044.77
9.0%	$25699.63	$28278.88	$31060.28	$34055.51	$37276.67
10.0%	$20871.33	$22967.35	$25227.58	$27661.51	$30278.95
11.0%	$17271.01	$19006.75	$20878.41	$22893.84	$25061.18

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.85

Book Value / share($)Yahoo: $-45.93

Results

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

Graham Number—

Current Price$198.92

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.27%

Terminal growth rate(%)

Computed WACC: 5.27%

Cost of equity (Re)9.08%(Rf 4.30% + β 0.87 × 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)58.03%

Debt weight (D/V)41.97%

Results

Current Price$198.92

Implied Near-term FCF Growth4.2%

Historical Revenue Growth3.7%

Historical Earnings Growth115.6%

Base FCF (TTM)$918.48M

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: $5.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$103.00

Current Price$198.92

Upside / Downside-48.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.81B

Target EV/EBITDA multipleCurrent: 20.0×

Net Debt($B)Default: $15.07B

Results

Implied Equity Value / share$198.22

Current Price$198.92

Upside / Downside-0.4%

Implied EV$36.19B

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

Mult \ Net Debt	$7.07B	$11.07B	$15.07B	$19.07B	$23.07B
16.0x	$205.32	$167.79	$130.25	$92.71	$55.18
18.0x	$239.31	$201.77	$164.23	$126.70	$89.16
20.0x	$273.29	$235.75	$198.22	$160.68	$123.14
22.0x	$307.27	$269.74	$232.20	$194.66	$157.13
24.0x	$341.25	$303.72	$266.18	$228.64	$191.11

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