SON — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($56.38)
DCF	$681.82	+1109.3%
Graham Number	$69.92	+24.0%
Reverse DCF	—	implied g: -4.8%
DDM	$43.67	-22.5%
EV/EBITDA	$56.57	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $999.87M

Near-term growth (yrs 1–5)(%)Rev: 29.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.79%

Computed WACC: 3.79%

Cost of equity (Re)6.96%(Rf 4.30% + β 0.48 × 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)54.49%

Debt weight (D/V)45.51%

Results

Intrinsic Value / share$4335.37

Current Price$56.38

Upside / Downside+7589.5%

Net Debt (used)$4.27B

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

WACC \ Near-term	21.7%	25.7%	29.7%	33.7%	37.7%
7.0%	$777.14	$916.31	$1074.05	$1252.15	$1452.54
8.0%	$607.14	$716.58	$840.55	$980.46	$1137.81
9.0%	$490.62	$579.70	$680.55	$794.32	$922.23
10.0%	$406.10	$480.44	$564.55	$659.40	$765.98
11.0%	$342.23	$405.44	$476.93	$557.49	$647.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.93

Book Value / share($)Yahoo: $36.64

Results

Graham Number$69.92

Current Price$56.38

Margin of Safety+24.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.79%

Terminal growth rate(%)

Computed WACC: 3.79%

Cost of equity (Re)6.96%(Rf 4.30% + β 0.48 × 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)54.49%

Debt weight (D/V)45.51%

Results

Current Price$56.38

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth29.7%

Historical Earnings Growth—

Base FCF (TTM)$999.87M

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: $2.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$43.67

Current Price$56.38

Upside / Downside-22.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.27B

Target EV/EBITDA multipleCurrent: 7.8×

Net Debt($B)Default: $4.27B

Results

Implied Equity Value / share$56.57

Current Price$56.38

Upside / Downside+0.3%

Implied EV$9.85B

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

Mult \ Net Debt	$2.27B	$3.27B	$4.27B	$5.27B	$6.27B
3.8x	$25.48	$15.34	$5.20	$-4.94	$-15.08
5.8x	$51.16	$41.02	$30.89	$20.75	$10.61
7.8x	$76.85	$66.71	$56.57	$46.44	$36.30
9.8x	$102.54	$92.40	$82.26	$72.12	$61.98
11.8x	$128.23	$118.09	$107.95	$97.81	$87.67

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