SBGI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.82)
DCF	$24.03	+51.9%
Graham Number	—	—
Reverse DCF	—	implied g: 3.6%
DDM	$20.60	+30.2%
EV/EBITDA	$23.09	+46.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $270.92M

Near-term growth (yrs 1–5)(%)Rev: -16.7% / EPS: -40.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.86%

Computed WACC: 1.86%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × 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)19.61%

Debt weight (D/V)80.39%

Results

Intrinsic Value / share—

Current Price$15.82

Upside / Downside—

Net Debt (used)$3.65B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$24.92	$46.05	$70.64	$99.09	$131.86
8.0%	$6.33	$23.34	$43.09	$65.93	$92.20
9.0%	$-6.56	$7.60	$24.03	$42.99	$64.78
10.0%	$-16.02	$-3.93	$10.06	$26.19	$44.70
11.0%	$-23.26	$-12.76	$-0.62	$13.35	$29.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.56

Book Value / share($)Yahoo: $6.35

Results

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

Graham Number—

Current Price$15.82

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.86%

Terminal growth rate(%)

Computed WACC: 1.86%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × 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)19.61%

Debt weight (D/V)80.39%

Results

Current Price$15.82

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-16.7%

Historical Earnings Growth-40.8%

Base FCF (TTM)$270.92M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$15.82

Upside / Downside+30.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $429.00M

Target EV/EBITDA multipleCurrent: 11.0×

Net Debt($B)Default: $3.65B

Results

Implied Equity Value / share$23.09

Current Price$15.82

Upside / Downside+46.0%

Implied EV$4.71B

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

Mult \ Net Debt	$1.65B	$2.65B	$3.65B	$4.65B	$5.65B
7.0x	$29.28	$7.50	$-14.28	$-36.07	$-57.85
9.0x	$47.97	$26.19	$4.40	$-17.38	$-39.16
11.0x	$66.66	$44.88	$23.09	$1.31	$-20.47
13.0x	$85.35	$63.57	$41.78	$20.00	$-1.78
15.0x	$104.04	$82.26	$60.47	$38.69	$16.91

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