SD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.59)
DCF	$39.39	+123.9%
Graham Number	$23.24	+32.1%
Reverse DCF	—	implied g: 16.3%
DDM	$9.89	-43.8%
EV/EBITDA	$17.51	-0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $16.20M

Near-term growth (yrs 1–5)(%)Rev: 32.5% / EPS: -37.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.17%

Computed WACC: 7.17%

Cost of equity (Re)7.18%(Rf 4.30% + β 0.52 × 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)99.80%

Debt weight (D/V)0.20%

Results

Intrinsic Value / share$57.29

Current Price$17.59

Upside / Downside+225.6%

Net Debt (used)-$99.88M

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

WACC \ Near-term	24.5%	28.5%	32.5%	36.5%	40.5%
7.0%	$44.80	$51.80	$59.71	$68.62	$78.62
8.0%	$35.99	$41.48	$47.68	$54.67	$62.51
9.0%	$29.95	$34.42	$39.45	$45.12	$51.49
10.0%	$25.58	$29.30	$33.49	$38.21	$43.50
11.0%	$22.28	$25.43	$28.99	$32.99	$37.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.79

Book Value / share($)Yahoo: $13.41

Results

Graham Number$23.24

Current Price$17.59

Margin of Safety+32.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.17%

Terminal growth rate(%)

Computed WACC: 7.17%

Cost of equity (Re)7.18%(Rf 4.30% + β 0.52 × 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)99.80%

Debt weight (D/V)0.20%

Results

Current Price$17.59

Implied Near-term FCF Growth10.2%

Historical Revenue Growth32.5%

Historical Earnings Growth-37.3%

Base FCF (TTM)$16.20M

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: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$17.59

Upside / Downside-43.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $100.57M

Target EV/EBITDA multipleCurrent: 5.4×

Net Debt($B)Default: -$99.88M

Results

Implied Equity Value / share$17.51

Current Price$17.59

Upside / Downside-0.5%

Implied EV$543.88M

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

Mult \ Net Debt	-$2.10B	-$1.10B	-$99.88M	$900.13M	$1.90B
1.4x	$60.95	$33.76	$6.57	$-20.63	$-47.82
3.4x	$66.42	$39.23	$12.04	$-15.16	$-42.35
5.4x	$71.89	$44.70	$17.51	$-9.69	$-36.88
7.4x	$77.36	$50.17	$22.98	$-4.22	$-31.41
9.4x	$82.83	$55.64	$28.44	$1.25	$-25.94

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