SMP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($39.83)
DCF	$20.00	-49.8%
Graham Number	$46.18	+15.9%
Reverse DCF	—	implied g: 18.0%
DDM	$27.19	-31.7%
EV/EBITDA	$40.75	+2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $41.25M

Near-term growth (yrs 1–5)(%)Rev: 12.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.59%

Computed WACC: 4.59%

Cost of equity (Re)8.44%(Rf 4.30% + β 0.75 × 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)54.41%

Debt weight (D/V)45.59%

Results

Intrinsic Value / share$135.80

Current Price$39.83

Upside / Downside+240.9%

Net Debt (used)$662.06M

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

WACC \ Near-term	4.2%	8.2%	12.2%	16.2%	20.2%
7.0%	$22.43	$32.56	$44.23	$57.64	$72.98
8.0%	$12.50	$20.58	$29.89	$40.57	$52.77
9.0%	$5.65	$12.32	$20.00	$28.80	$38.84
10.0%	$0.64	$6.29	$12.78	$20.21	$28.69
11.0%	$-3.17	$1.69	$7.28	$13.68	$20.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.07

Book Value / share($)Yahoo: $30.87

Results

Graham Number$46.18

Current Price$39.83

Margin of Safety+15.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.59%

Terminal growth rate(%)

Computed WACC: 4.59%

Cost of equity (Re)8.44%(Rf 4.30% + β 0.75 × 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)54.41%

Debt weight (D/V)45.59%

Results

Current Price$39.83

Implied Near-term FCF Growth-0.7%

Historical Revenue Growth12.2%

Historical Earnings Growth—

Base FCF (TTM)$41.25M

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: $1.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.19

Current Price$39.83

Upside / Downside-31.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $227.04M

Target EV/EBITDA multipleCurrent: 6.9×

Net Debt($B)Default: $662.06M

Results

Implied Equity Value / share$40.75

Current Price$39.83

Upside / Downside+2.3%

Implied EV$1.56B

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

Mult \ Net Debt	-$1.34B	-$337.94M	$662.06M	$1.66B	$2.66B
2.9x	$90.39	$44.93	$-0.53	$-45.98	$-91.44
4.9x	$111.03	$65.57	$20.11	$-25.34	$-70.80
6.9x	$131.67	$86.21	$40.75	$-4.70	$-50.16
8.9x	$152.31	$106.85	$61.39	$15.94	$-29.52
10.9x	$172.95	$127.49	$82.03	$36.58	$-8.88

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