SPG-PJ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($54.50)
DCF	—	—
Graham Number	$49.22	-9.7%
Reverse DCF	—	implied g: 65.0%
DDM	$86.31	+58.4%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.34B

Near-term growth (yrs 1–5)(%)Rev: 13.2% / EPS: 358.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.47%

Computed WACC: 8.47%

Cost of equity (Re)11.98%(Rf 4.30% + β 1.40 × ERP 5.50%)

Cost of debt (Rd)3.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.21%

Debt weight (D/V)38.79%

Results

Intrinsic Value / share—

Current Price$54.50

Upside / Downside—

Net Debt (used)$28.38B

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

WACC \ Near-term	350.1%	354.1%	358.1%	362.1%	366.1%
7.0%	—	—	—	—	—
8.0%	—	—	—	—	—
9.0%	—	—	—	—	—
10.0%	—	—	—	—	—
11.0%	—	—	—	—	—

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.78

Book Value / share($)Yahoo: $15.89

Results

Graham Number$49.22

Current Price$54.50

Margin of Safety-9.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.47%

Terminal growth rate(%)

Computed WACC: 8.47%

Cost of equity (Re)11.98%(Rf 4.30% + β 1.40 × ERP 5.50%)

Cost of debt (Rd)3.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.21%

Debt weight (D/V)38.79%

Results

Current Price$54.50

Implied Near-term FCF Growth65.0%

Historical Revenue Growth13.2%

Historical Earnings Growth358.1%

Base FCF (TTM)$2.34B

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: $4.19

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$86.31

Current Price$54.50

Upside / Downside+58.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.70B

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $28.38B

Results

Implied Equity Value / share—

Current Price$54.50

Upside / Downside—

Implied EV$47.62B

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