SLVM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.24)
DCF	$-27.12	-158.7%
Graham Number	$42.28	-8.6%
Reverse DCF	—	—
DDM	$37.08	-19.8%
EV/EBITDA	$46.38	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$16.50M

Near-term growth (yrs 1–5)(%)Rev: -8.2% / EPS: -57.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.58%

Computed WACC: 7.58%

Cost of equity (Re)8.88%(Rf 4.30% + β 0.83 × ERP 5.50%)

Cost of debt (Rd)6.34%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.59%

Debt weight (D/V)33.41%

Results

Intrinsic Value / share$-29.20

Current Price$46.24

Upside / Downside-163.2%

Net Debt (used)$780.00M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-27.19	$-28.68	$-30.43	$-32.44	$-34.77
8.0%	$-25.87	$-27.07	$-28.47	$-30.09	$-31.96
9.0%	$-24.95	$-25.96	$-27.12	$-28.47	$-30.01
10.0%	$-24.28	$-25.14	$-26.13	$-27.28	$-28.59
11.0%	$-23.77	$-24.51	$-25.38	$-26.37	$-27.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.24

Book Value / share($)Yahoo: $24.52

Results

Graham Number$42.28

Current Price$46.24

Margin of Safety-8.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.58%

Terminal growth rate(%)

Computed WACC: 7.58%

Cost of equity (Re)8.88%(Rf 4.30% + β 0.83 × ERP 5.50%)

Cost of debt (Rd)6.34%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.59%

Debt weight (D/V)33.41%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$46.24

Implied Near-term FCF Growth—

Historical Revenue Growth-8.2%

Historical Earnings Growth-57.2%

Base FCF (TTM)-$16.50M

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: $1.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.08

Current Price$46.24

Upside / Downside-19.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $428.00M

Target EV/EBITDA multipleCurrent: 6.1×

Net Debt($B)Default: $780.00M

Results

Implied Equity Value / share$46.38

Current Price$46.24

Upside / Downside+0.3%

Implied EV$2.61B

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

Mult \ Net Debt	-$1.22B	-$220.00M	$780.00M	$1.78B	$2.78B
2.1x	$53.68	$28.32	$2.97	$-22.39	$-47.74
4.1x	$75.39	$50.03	$24.67	$-0.68	$-26.04
6.1x	$97.09	$71.73	$46.38	$21.02	$-4.33
8.1x	$118.80	$93.44	$68.08	$42.73	$17.37
10.1x	$140.50	$115.14	$89.79	$64.43	$39.08

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