SJM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($114.68)
DCF	$93.85	-18.2%
Graham Number	—	—
Reverse DCF	—	implied g: 9.1%
DDM	$90.64	-21.0%
EV/EBITDA	$114.62	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $884.46M

Near-term growth (yrs 1–5)(%)Rev: 7.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.45%

Computed WACC: 3.45%

Cost of equity (Re)5.56%(Rf 4.30% + β 0.23 × 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)62.00%

Debt weight (D/V)38.00%

Results

Intrinsic Value / share$1086.61

Current Price$114.68

Upside / Downside+847.5%

Net Debt (used)$7.45B

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

WACC \ Near-term	-1.0%	3.0%	7.0%	11.0%	15.0%
7.0%	$97.12	$130.44	$169.11	$213.77	$265.10
8.0%	$66.86	$93.61	$124.61	$160.37	$201.43
9.0%	$45.92	$68.14	$93.85	$123.48	$157.45
10.0%	$30.57	$49.48	$71.33	$96.48	$125.29
11.0%	$18.83	$35.22	$54.14	$75.89	$100.77

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-11.11

Book Value / share($)Yahoo: $49.07

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$114.68

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.45%

Terminal growth rate(%)

Computed WACC: 3.45%

Cost of equity (Re)5.56%(Rf 4.30% + β 0.23 × 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)62.00%

Debt weight (D/V)38.00%

Results

Current Price$114.68

Implied Near-term FCF Growth-17.6%

Historical Revenue Growth7.0%

Historical Earnings Growth—

Base FCF (TTM)$884.46M

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: $4.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$90.64

Current Price$114.68

Upside / Downside-21.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.88B

Target EV/EBITDA multipleCurrent: 10.5×

Net Debt($B)Default: $7.45B

Results

Implied Equity Value / share$114.62

Current Price$114.68

Upside / Downside-0.0%

Implied EV$19.68B

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

Mult \ Net Debt	$3.45B	$5.45B	$7.45B	$9.45B	$11.45B
6.5x	$81.66	$62.92	$44.17	$25.43	$6.68
8.5x	$116.89	$98.14	$79.40	$60.65	$41.91
10.5x	$152.11	$133.37	$114.62	$95.88	$77.13
12.5x	$187.34	$168.59	$149.85	$131.10	$112.36
14.5x	$222.57	$203.82	$185.08	$166.33	$147.59

← Overview Financial Statements ← Companies