SKY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($88.81)
DCF	$66.84	-24.7%
Graham Number	$49.29	-44.5%
Reverse DCF	—	implied g: 10.6%
DDM	—	—
EV/EBITDA	$90.80	+2.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $179.74M

Near-term growth (yrs 1–5)(%)Rev: 1.8% / EPS: -8.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.73%

Computed WACC: 9.73%

Cost of equity (Re)9.96%(Rf 4.30% + β 1.03 × 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)97.66%

Debt weight (D/V)2.34%

Results

Intrinsic Value / share$61.01

Current Price$88.81

Upside / Downside-31.3%

Net Debt (used)-$540.64M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$67.33	$78.96	$92.50	$108.17	$126.22
8.0%	$57.09	$66.45	$77.33	$89.91	$104.38
9.0%	$49.99	$57.79	$66.84	$77.28	$89.28
10.0%	$44.78	$51.43	$59.14	$68.02	$78.22
11.0%	$40.79	$46.57	$53.26	$60.96	$69.78

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.75

Book Value / share($)Yahoo: $28.80

Results

Graham Number$49.29

Current Price$88.81

Margin of Safety-44.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.73%

Terminal growth rate(%)

Computed WACC: 9.73%

Cost of equity (Re)9.96%(Rf 4.30% + β 1.03 × 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)97.66%

Debt weight (D/V)2.34%

Results

Current Price$88.81

Implied Near-term FCF Growth12.6%

Historical Revenue Growth1.8%

Historical Earnings Growth-8.5%

Base FCF (TTM)$179.74M

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$88.81

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $308.46M

Target EV/EBITDA multipleCurrent: 14.5×

Net Debt($B)Default: -$540.64M

Results

Implied Equity Value / share$90.80

Current Price$88.81

Upside / Downside+2.2%

Implied EV$4.48B

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

Mult \ Net Debt	-$2.54B	-$1.54B	-$540.64M	$459.36M	$1.46B
10.5x	$104.65	$86.57	$68.49	$50.40	$32.32
12.5x	$115.81	$97.72	$79.64	$61.56	$43.48
14.5x	$126.96	$108.88	$90.80	$72.72	$54.63
16.5x	$138.12	$120.04	$101.95	$83.87	$65.79
18.5x	$149.27	$131.19	$113.11	$95.03	$76.94

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