SLG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.59)
DCF	$-133.01	-453.8%
Graham Number	—	—
Reverse DCF	—	—
DDM	$63.65	+69.3%
EV/EBITDA	$50.31	+33.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$206.50M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.18%

Computed WACC: 6.18%

Cost of equity (Re)13.18%(Rf 4.30% + β 1.61 × ERP 5.50%)

Cost of debt (Rd)3.60%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)32.28%

Debt weight (D/V)67.72%

Results

Intrinsic Value / share$-172.60

Current Price$37.59

Upside / Downside-559.2%

Net Debt (used)$5.82B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-133.44	$-143.85	$-155.96	$-169.98	$-186.13
8.0%	$-124.29	$-132.66	$-142.40	$-153.65	$-166.59
9.0%	$-117.94	$-124.91	$-133.01	$-142.35	$-153.08
10.0%	$-113.28	$-119.23	$-126.12	$-134.07	$-143.19
11.0%	$-109.71	$-114.88	$-120.86	$-127.75	$-135.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.61

Book Value / share($)Yahoo: $48.47

Results

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

Graham Number—

Current Price$37.59

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.18%

Terminal growth rate(%)

Computed WACC: 6.18%

Cost of equity (Re)13.18%(Rf 4.30% + β 1.61 × ERP 5.50%)

Cost of debt (Rd)3.60%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)32.28%

Debt weight (D/V)67.72%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$37.59

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$206.50M

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: $3.09

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$63.65

Current Price$37.59

Upside / Downside+69.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $409.78M

Target EV/EBITDA multipleCurrent: 22.9×

Net Debt($B)Default: $5.82B

Results

Implied Equity Value / share$50.31

Current Price$37.59

Upside / Downside+33.8%

Implied EV$9.40B

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

Mult \ Net Debt	$3.82B	$4.82B	$5.82B	$6.82B	$7.82B
18.9x	$55.39	$41.32	$27.24	$13.16	$-0.92
20.9x	$66.93	$52.85	$38.78	$24.70	$10.62
22.9x	$78.47	$64.39	$50.31	$36.24	$22.16
24.9x	$90.01	$75.93	$61.85	$47.77	$33.70
26.9x	$101.55	$87.47	$73.39	$59.31	$45.23

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