SEIC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($82.44)
DCF	$93.34	+13.2%
Graham Number	$50.37	-38.9%
Reverse DCF	—	implied g: 14.6%
DDM	$20.81	-74.8%
EV/EBITDA	$83.41	+1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $314.43M

Near-term growth (yrs 1–5)(%)Rev: 9.1% / EPS: 16.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.49%

Computed WACC: 9.49%

Cost of equity (Re)9.52%(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)99.72%

Debt weight (D/V)0.28%

Results

Intrinsic Value / share$86.40

Current Price$82.44

Upside / Downside+4.8%

Net Debt (used)-$405.02M

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

WACC \ Near-term	8.9%	12.9%	16.9%	20.9%	24.9%
7.0%	$100.11	$118.15	$138.85	$162.52	$189.44
8.0%	$81.22	$95.55	$111.98	$130.74	$152.08
9.0%	$68.22	$80.00	$93.49	$108.89	$126.39
10.0%	$58.74	$68.67	$80.03	$92.98	$107.68
11.0%	$51.54	$60.06	$69.80	$80.90	$93.49

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.63

Book Value / share($)Yahoo: $20.03

Results

Graham Number$50.37

Current Price$82.44

Margin of Safety-38.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.49%

Terminal growth rate(%)

Computed WACC: 9.49%

Cost of equity (Re)9.52%(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)99.72%

Debt weight (D/V)0.28%

Results

Current Price$82.44

Implied Near-term FCF Growth16.1%

Historical Revenue Growth9.1%

Historical Earnings Growth16.9%

Base FCF (TTM)$314.43M

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: $1.01

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.81

Current Price$82.44

Upside / Downside-74.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $667.63M

Target EV/EBITDA multipleCurrent: 14.7×

Net Debt($B)Default: -$405.02M

Results

Implied Equity Value / share$83.41

Current Price$82.44

Upside / Downside+1.2%

Implied EV$9.79B

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

Mult \ Net Debt	-$2.41B	-$1.41B	-$405.02M	$594.98M	$1.59B
10.7x	$77.93	$69.75	$61.57	$53.39	$45.21
12.7x	$88.85	$80.67	$72.49	$64.31	$56.13
14.7x	$99.77	$91.59	$83.41	$75.23	$67.05
16.7x	$110.70	$102.52	$94.34	$86.16	$77.98
18.7x	$121.62	$113.44	$105.26	$97.08	$88.90

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