SEE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.96)
DCF	$64120.99	+152714.6%
Graham Number	$22.13	-47.3%
Reverse DCF	—	implied g: 14.2%
DDM	$16.48	-60.7%
EV/EBITDA	$41.84	-0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $338.86M

Near-term growth (yrs 1–5)(%)Rev: 0.5% / EPS: 175.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.96%

Computed WACC: 6.96%

Cost of equity (Re)11.77%(Rf 4.30% + β 1.36 × 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)59.15%

Debt weight (D/V)40.85%

Results

Intrinsic Value / share$108097.17

Current Price$41.96

Upside / Downside+257519.6%

Net Debt (used)$3.99B

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

WACC \ Near-term	167.0%	171.0%	175.0%	179.0%	183.0%
7.0%	$92169.55	$99282.14	$106827.12	$114823.92	$123292.55
8.0%	$70187.65	$75603.67	$81348.91	$87438.17	$93886.66
9.0%	$55323.82	$59592.67	$64120.99	$68920.42	$74002.97
10.0%	$44703.22	$48152.42	$51811.24	$55689.09	$59795.67
11.0%	$36806.31	$39646.08	$42658.40	$45851.04	$49231.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.69

Book Value / share($)Yahoo: $8.09

Results

Graham Number$22.13

Current Price$41.96

Margin of Safety-47.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.96%

Terminal growth rate(%)

Computed WACC: 6.96%

Cost of equity (Re)11.77%(Rf 4.30% + β 1.36 × 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)59.15%

Debt weight (D/V)40.85%

Results

Current Price$41.96

Implied Near-term FCF Growth7.5%

Historical Revenue Growth0.5%

Historical Earnings Growth175.0%

Base FCF (TTM)$338.86M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$41.96

Upside / Downside-60.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.04B

Target EV/EBITDA multipleCurrent: 9.7×

Net Debt($B)Default: $3.99B

Results

Implied Equity Value / share$41.84

Current Price$41.96

Upside / Downside-0.3%

Implied EV$10.15B

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

Mult \ Net Debt	$1.99B	$2.99B	$3.99B	$4.99B	$5.99B
5.7x	$27.08	$20.29	$13.50	$6.71	$-0.08
7.7x	$41.25	$34.46	$27.67	$20.88	$14.09
9.7x	$55.42	$48.63	$41.84	$35.05	$28.26
11.7x	$69.58	$62.79	$56.00	$49.21	$42.42
13.7x	$83.75	$76.96	$70.17	$63.38	$56.59

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