SEB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5182.39)
DCF	$-108583.37	-2195.2%
Graham Number	$7937.73	+53.2%
Reverse DCF	—	—
DDM	$185.40	-96.4%
EV/EBITDA	$5206.34	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$224.38M

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: 66.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.54%

Computed WACC: 4.54%

Cost of equity (Re)6.30%(Rf 4.30% + β 0.36 × 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)72.14%

Debt weight (D/V)27.86%

Results

Intrinsic Value / share$-440860.53

Current Price$5182.39

Upside / Downside-8606.9%

Net Debt (used)$687.00M

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

WACC \ Near-term	58.6%	62.6%	66.6%	70.6%	74.6%
7.0%	$-136708.39	$-154591.68	$-174314.72	$-196016.18	$-219841.56
8.0%	$-106120.76	$-119950.73	$-135201.62	$-151980.44	$-170399.45
9.0%	$-85302.82	$-96375.08	$-108583.37	$-122013.16	$-136754.14
10.0%	$-70320.57	$-79408.97	$-89428.51	$-100449.18	$-112544.43
11.0%	$-59093.47	$-66695.94	$-75076.12	$-84292.44	$-94406.18

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $514.61

Book Value / share($)Yahoo: $5441.67

Results

Graham Number$7937.73

Current Price$5182.39

Margin of Safety+53.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.54%

Terminal growth rate(%)

Computed WACC: 4.54%

Cost of equity (Re)6.30%(Rf 4.30% + β 0.36 × 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)72.14%

Debt weight (D/V)27.86%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$5182.39

Implied Near-term FCF Growth—

Historical Revenue Growth-2.9%

Historical Earnings Growth66.6%

Base FCF (TTM)-$224.38M

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: $9.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$185.40

Current Price$5182.39

Upside / Downside-96.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $557.00M

Target EV/EBITDA multipleCurrent: 10.2×

Net Debt($B)Default: $687.00M

Results

Implied Equity Value / share$5206.34

Current Price$5182.39

Upside / Downside+0.5%

Implied EV$5.67B

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

Mult \ Net Debt	-$1.31B	-$313.00M	$687.00M	$1.69B	$2.69B
6.2x	$4968.29	$3924.23	$2880.16	$1836.10	$792.03
8.2x	$6131.38	$5087.32	$4043.25	$2999.19	$1955.12
10.2x	$7294.47	$6250.41	$5206.34	$4162.28	$3118.21
12.2x	$8457.56	$7413.50	$6369.43	$5325.36	$4281.30
14.2x	$9620.65	$8576.59	$7532.52	$6488.45	$5444.39

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