SKT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.20)
DCF	$70.36	+89.1%
Graham Number	$11.69	-68.6%
Reverse DCF	—	implied g: 12.6%
DDM	$24.10	-35.2%
EV/EBITDA	$37.36	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $216.60M

Near-term growth (yrs 1–5)(%)Rev: 13.9% / EPS: 21.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.68%

Computed WACC: 7.68%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × 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)71.59%

Debt weight (D/V)28.41%

Results

Intrinsic Value / share$95.73

Current Price$37.20

Upside / Downside+157.3%

Net Debt (used)$1.67B

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

WACC \ Near-term	13.3%	17.3%	21.3%	25.3%	29.3%
7.0%	$78.60	$95.43	$114.65	$136.52	$161.30
8.0%	$59.97	$73.28	$88.48	$105.76	$125.33
9.0%	$47.17	$58.07	$70.50	$84.63	$100.63
10.0%	$37.85	$47.00	$57.43	$69.28	$82.68
11.0%	$30.79	$38.61	$47.53	$57.65	$69.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.99

Book Value / share($)Yahoo: $6.14

Results

Graham Number$11.69

Current Price$37.20

Margin of Safety-68.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.68%

Terminal growth rate(%)

Computed WACC: 7.68%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × 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)71.59%

Debt weight (D/V)28.41%

Results

Current Price$37.20

Implied Near-term FCF Growth8.5%

Historical Revenue Growth13.9%

Historical Earnings Growth21.3%

Base FCF (TTM)$216.60M

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: $1.17

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.10

Current Price$37.20

Upside / Downside-35.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $320.08M

Target EV/EBITDA multipleCurrent: 18.6×

Net Debt($B)Default: $1.67B

Results

Implied Equity Value / share$37.36

Current Price$37.20

Upside / Downside+0.4%

Implied EV$5.95B

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

Mult \ Net Debt	$1.67B	$1.67B	$1.67B	$1.67B	$1.67B
14.6x	$26.18	$26.18	$26.18	$26.18	$26.18
16.6x	$31.77	$31.77	$31.77	$31.77	$31.77
18.6x	$37.36	$37.36	$37.36	$37.36	$37.36
20.6x	$42.95	$42.95	$42.95	$42.95	$42.95
22.6x	$48.54	$48.54	$48.54	$48.54	$48.54

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