SIG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($96.19)
DCF	$10491844.61	+10907317.2%
Graham Number	$56.20	-41.6%
Reverse DCF	—	implied g: -4.4%
DDM	$26.37	-72.6%
EV/EBITDA	$96.19	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $479.51M

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: 308.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.67%

Computed WACC: 8.67%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × 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)77.37%

Debt weight (D/V)22.63%

Results

Intrinsic Value / share$11344252.57

Current Price$96.19

Upside / Downside+11793488.3%

Net Debt (used)$917.60M

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

WACC \ Near-term	300.3%	304.3%	308.3%	312.3%	316.3%
7.0%	$16014104.72	$16830318.04	$17679478.32	$18562573.09	$19480609.42
8.0%	$12131894.72	$12750229.03	$13393522.48	$14062523.18	$14757994.03
9.0%	$9512776.74	$9997613.12	$10502019.73	$11026583.13	$11571901.51
10.0%	$7646029.21	$8035716.73	$8441133.60	$8862751.27	$9301050.51
11.0%	$6261757.59	$6580888.50	$6912900.62	$7258180.02	$7617120.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.32

Book Value / share($)Yahoo: $42.28

Results

Graham Number$56.20

Current Price$96.19

Margin of Safety-41.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.67%

Terminal growth rate(%)

Computed WACC: 8.67%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × 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)77.37%

Debt weight (D/V)22.63%

Results

Current Price$96.19

Implied Near-term FCF Growth-5.2%

Historical Revenue Growth3.1%

Historical Earnings Growth308.3%

Base FCF (TTM)$479.51M

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$96.19

Upside / Downside-72.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $630.50M

Target EV/EBITDA multipleCurrent: 7.7×

Net Debt($B)Default: $917.60M

Results

Implied Equity Value / share$96.19

Current Price$96.19

Upside / Downside-0.0%

Implied EV$4.83B

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

Mult \ Net Debt	-$1.08B	-$82.40M	$917.60M	$1.92B	$2.92B
3.7x	$83.36	$58.78	$34.20	$9.62	$-14.96
5.7x	$114.35	$89.77	$65.19	$40.61	$16.03
7.7x	$145.35	$120.77	$96.19	$71.61	$47.03
9.7x	$176.34	$151.76	$127.18	$102.60	$78.02
11.7x	$207.33	$182.76	$158.18	$133.60	$109.02

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