SNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($389.59)
DCF	$222.91	-42.8%
Graham Number	$222.33	-42.9%
Reverse DCF	—	implied g: 14.8%
DDM	$201.06	-48.4%
EV/EBITDA	$390.08	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $640.30M

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: 2.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.91%

Computed WACC: 7.91%

Cost of equity (Re)8.42%(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)94.00%

Debt weight (D/V)6.00%

Results

Intrinsic Value / share$267.06

Current Price$389.59

Upside / Downside-31.5%

Net Debt (used)-$330.80M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$224.77	$268.94	$320.32	$379.79	$448.28
8.0%	$185.91	$221.46	$262.75	$310.48	$365.39
9.0%	$158.98	$188.58	$222.91	$262.54	$308.08
10.0%	$139.21	$164.46	$193.71	$227.42	$266.12
11.0%	$124.08	$146.02	$171.39	$200.60	$234.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $19.21

Book Value / share($)Yahoo: $114.36

Results

Graham Number$222.33

Current Price$389.59

Margin of Safety-42.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.91%

Terminal growth rate(%)

Computed WACC: 7.91%

Cost of equity (Re)8.42%(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)94.00%

Debt weight (D/V)6.00%

Results

Current Price$389.59

Implied Near-term FCF Growth11.4%

Historical Revenue Growth3.1%

Historical Earnings Growth2.9%

Base FCF (TTM)$640.30M

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: $9.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$201.06

Current Price$389.59

Upside / Downside-48.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.40B

Target EV/EBITDA multipleCurrent: 14.3×

Net Debt($B)Default: -$330.80M

Results

Implied Equity Value / share$390.08

Current Price$389.59

Upside / Downside+0.1%

Implied EV$19.92B

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

Mult \ Net Debt	-$2.33B	-$1.33B	-$330.80M	$669.20M	$1.67B
10.3x	$321.06	$301.79	$282.53	$263.27	$244.01
12.3x	$374.83	$355.57	$336.31	$317.04	$297.78
14.3x	$428.61	$409.34	$390.08	$370.82	$351.55
16.3x	$482.38	$463.12	$443.85	$424.59	$405.33
18.3x	$536.15	$516.89	$497.63	$478.37	$459.10

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