SEM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.00)
DCF	$-18.42	-222.8%
Graham Number	$18.95	+26.3%
Reverse DCF	—	implied g: 43.4%
DDM	$5.15	-65.7%
EV/EBITDA	$17.66	+17.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $31.78M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.82%

Computed WACC: 3.82%

Cost of equity (Re)9.71%(Rf 4.30% + β 0.98 × 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)39.34%

Debt weight (D/V)60.66%

Results

Intrinsic Value / share$-0.54

Current Price$15.00

Upside / Downside-103.6%

Net Debt (used)$2.84B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-18.38	$-17.46	$-16.40	$-15.16	$-13.74
8.0%	$-19.19	$-18.45	$-17.59	$-16.60	$-15.46
9.0%	$-19.75	$-19.13	$-18.42	$-17.60	$-16.65
10.0%	$-20.16	$-19.63	$-19.03	$-18.33	$-17.52
11.0%	$-20.47	$-20.02	$-19.49	$-18.88	$-18.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.16

Book Value / share($)Yahoo: $13.75

Results

Graham Number$18.95

Current Price$15.00

Margin of Safety+26.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.82%

Terminal growth rate(%)

Computed WACC: 3.82%

Cost of equity (Re)9.71%(Rf 4.30% + β 0.98 × 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)39.34%

Debt weight (D/V)60.66%

Results

Current Price$15.00

Implied Near-term FCF Growth12.8%

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)$31.78M

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: $0.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.15

Current Price$15.00

Upside / Downside-65.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $476.47M

Target EV/EBITDA multipleCurrent: 10.6×

Net Debt($B)Default: $2.84B

Results

Implied Equity Value / share$17.66

Current Price$15.00

Upside / Downside+17.7%

Implied EV$5.03B

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

Mult \ Net Debt	$842.19M	$1.84B	$2.84B	$3.84B	$4.84B
6.6x	$18.42	$10.36	$2.29	$-5.77	$-13.83
8.6x	$26.10	$18.04	$9.98	$1.91	$-6.15
10.6x	$33.79	$25.72	$17.66	$9.60	$1.53
12.6x	$41.47	$33.41	$25.35	$17.28	$9.22
14.6x	$49.16	$41.09	$33.03	$24.97	$16.90

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