SPB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($78.70)
DCF	$1525.04	+1837.8%
Graham Number	$88.08	+11.9%
Reverse DCF	—	implied g: -4.7%
DDM	$38.73	-50.8%
EV/EBITDA	$78.38	-0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $241.90M

Near-term growth (yrs 1–5)(%)Rev: -3.3% / EPS: 43.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.80%

Computed WACC: 5.80%

Cost of equity (Re)8.01%(Rf 4.30% + β 0.67 × 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)72.42%

Debt weight (D/V)27.58%

Results

Intrinsic Value / share$3496.51

Current Price$78.70

Upside / Downside+4342.8%

Net Debt (used)$571.00M

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

WACC \ Near-term	35.5%	39.5%	43.5%	47.5%	51.5%
7.0%	$1820.28	$2103.58	$2420.94	$2775.35	$3169.99
8.0%	$1421.70	$1642.71	$1890.21	$2166.55	$2474.17
9.0%	$1149.43	$1327.92	$1527.75	$1750.79	$1999.02
10.0%	$952.68	$1100.48	$1265.89	$1450.46	$1655.82
11.0%	$804.60	$929.31	$1068.84	$1224.49	$1397.63

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.23

Book Value / share($)Yahoo: $81.52

Results

Graham Number$88.08

Current Price$78.70

Margin of Safety+11.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.80%

Terminal growth rate(%)

Computed WACC: 5.80%

Cost of equity (Re)8.01%(Rf 4.30% + β 0.67 × 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)72.42%

Debt weight (D/V)27.58%

Results

Current Price$78.70

Implied Near-term FCF Growth-13.9%

Historical Revenue Growth-3.3%

Historical Earnings Growth43.5%

Base FCF (TTM)$241.90M

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: $1.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$38.73

Current Price$78.70

Upside / Downside-50.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $249.10M

Target EV/EBITDA multipleCurrent: 9.6×

Net Debt($B)Default: $571.00M

Results

Implied Equity Value / share$78.38

Current Price$78.70

Upside / Downside-0.4%

Implied EV$2.39B

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

Mult \ Net Debt	-$1.43B	-$429.00M	$571.00M	$1.57B	$2.57B
5.6x	$121.64	$78.54	$35.43	$-7.67	$-50.78
7.6x	$143.12	$100.01	$56.91	$13.80	$-29.30
9.6x	$164.59	$121.49	$78.38	$35.28	$-7.83
11.6x	$186.07	$142.96	$99.86	$56.75	$13.65
13.6x	$207.54	$164.44	$121.33	$78.23	$35.12

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