SHOP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($118.99)
DCF	$83.42	-29.9%
Graham Number	$14.78	-87.6%
Reverse DCF	—	implied g: 37.6%
DDM	—	—
EV/EBITDA	$128.42	+7.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.29B

Near-term growth (yrs 1–5)(%)Rev: 30.6% / EPS: -42.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 19.80%

Computed WACC: 19.80%

Cost of equity (Re)19.82%(Rf 4.30% + β 2.82 × 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)99.88%

Debt weight (D/V)0.12%

Results

Intrinsic Value / share$26.58

Current Price$118.99

Upside / Downside-77.7%

Net Debt (used)-$5.66B

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

WACC \ Near-term	22.6%	26.6%	30.6%	34.6%	38.6%
7.0%	$94.25	$109.36	$126.47	$145.77	$167.47
8.0%	$75.61	$87.48	$100.92	$116.07	$133.10
9.0%	$62.84	$72.50	$83.42	$95.74	$109.57
10.0%	$53.58	$61.63	$70.74	$81.00	$92.52
11.0%	$46.58	$53.42	$61.16	$69.87	$79.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.94

Book Value / share($)Yahoo: $10.33

Results

Graham Number$14.78

Current Price$118.99

Margin of Safety-87.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 19.80%

Terminal growth rate(%)

Computed WACC: 19.80%

Cost of equity (Re)19.82%(Rf 4.30% + β 2.82 × 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)99.88%

Debt weight (D/V)0.12%

Results

Current Price$118.99

Implied Near-term FCF Growth67.8%

Historical Revenue Growth30.6%

Historical Earnings Growth-42.3%

Base FCF (TTM)$1.29B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$118.99

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.93B

Target EV/EBITDA multipleCurrent: 78.7×

Net Debt($B)Default: -$5.66B

Results

Implied Equity Value / share$128.42

Current Price$118.99

Upside / Downside+7.9%

Implied EV$151.79B

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

Mult \ Net Debt	-$7.66B	-$6.66B	-$5.66B	-$4.66B	-$3.66B
74.7x	$123.76	$122.94	$122.13	$121.31	$120.49
76.7x	$126.90	$126.09	$125.27	$124.46	$123.64
78.7x	$130.05	$129.23	$128.42	$127.60	$126.79
80.7x	$133.20	$132.38	$131.57	$130.75	$129.93
82.7x	$136.34	$135.53	$134.71	$133.90	$133.08

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