SM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.19)
DCF	$4.81	-80.1%
Graham Number	$77.31	+219.6%
Reverse DCF	—	implied g: 19.2%
DDM	$16.89	-30.2%
EV/EBITDA	$24.20	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $206.88M

Near-term growth (yrs 1–5)(%)Rev: -17.1% / EPS: -42.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.10%

Computed WACC: 8.10%

Cost of equity (Re)9.74%(Rf 4.30% + β 0.99 × ERP 5.50%)

Cost of debt (Rd)6.06%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.89%

Debt weight (D/V)33.11%

Results

Intrinsic Value / share$7.29

Current Price$24.19

Upside / Downside-69.9%

Net Debt (used)$2.48B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$4.94	$8.05	$11.67	$15.86	$20.68
8.0%	$2.21	$4.71	$7.62	$10.98	$14.84
9.0%	$0.31	$2.40	$4.81	$7.60	$10.81
10.0%	$-1.08	$0.70	$2.76	$5.13	$7.86
11.0%	$-2.14	$-0.60	$1.19	$3.24	$5.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.33

Book Value / share($)Yahoo: $41.96

Results

Graham Number$77.31

Current Price$24.19

Margin of Safety+219.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.10%

Terminal growth rate(%)

Computed WACC: 8.10%

Cost of equity (Re)9.74%(Rf 4.30% + β 0.99 × ERP 5.50%)

Cost of debt (Rd)6.06%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.89%

Debt weight (D/V)33.11%

Results

Current Price$24.19

Implied Near-term FCF Growth16.3%

Historical Revenue Growth-17.1%

Historical Earnings Growth-42.3%

Base FCF (TTM)$206.88M

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: $0.82

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.89

Current Price$24.19

Upside / Downside-30.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.21B

Target EV/EBITDA multipleCurrent: 3.7×

Net Debt($B)Default: $2.48B

Results

Implied Equity Value / share$24.20

Current Price$24.19

Upside / Downside+0.1%

Implied EV$8.25B

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

Mult \ Net Debt	$485.00M	$1.48B	$2.48B	$3.48B	$4.48B
-0.3x	$-4.45	$-8.65	$-12.85	$-17.04	$-21.24
1.7x	$14.07	$9.88	$5.68	$1.48	$-2.72
3.7x	$32.60	$28.40	$24.20	$20.01	$15.81
5.7x	$51.13	$46.93	$42.73	$38.53	$34.34
7.7x	$69.65	$65.45	$61.26	$57.06	$52.86

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