SPH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.59)
DCF	$4544.57	+21971.7%
Graham Number	$20.66	+0.4%
Reverse DCF	—	implied g: 25.6%
DDM	$26.78	+30.1%
EV/EBITDA	$20.59	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $49.03M

Near-term growth (yrs 1–5)(%)Rev: -0.8% / EPS: 130.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.71%

Computed WACC: 5.71%

Cost of equity (Re)6.48%(Rf 4.30% + β 0.40 × ERP 5.50%)

Cost of debt (Rd)6.30%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.76%

Debt weight (D/V)51.24%

Results

Intrinsic Value / share$11535.42

Current Price$20.59

Upside / Downside+55924.4%

Net Debt (used)$1.43B

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

WACC \ Near-term	122.0%	126.0%	130.0%	134.0%	138.0%
7.0%	$6300.21	$6889.82	$7522.65	$8201.02	$8927.35
8.0%	$4812.68	$5263.39	$5747.12	$6265.66	$6820.85
9.0%	$3805.18	$4161.81	$4544.57	$4954.86	$5394.14
10.0%	$3083.99	$3373.28	$3683.76	$4016.57	$4372.89
11.0%	$2546.69	$2785.83	$3042.47	$3317.55	$3612.07

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.01

Book Value / share($)Yahoo: $9.44

Results

Graham Number$20.66

Current Price$20.59

Margin of Safety+0.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.71%

Terminal growth rate(%)

Computed WACC: 5.71%

Cost of equity (Re)6.48%(Rf 4.30% + β 0.40 × ERP 5.50%)

Cost of debt (Rd)6.30%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.76%

Debt weight (D/V)51.24%

Results

Current Price$20.59

Implied Near-term FCF Growth12.3%

Historical Revenue Growth-0.8%

Historical Earnings Growth130.0%

Base FCF (TTM)$49.03M

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: $1.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.78

Current Price$20.59

Upside / Downside+30.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $285.83M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $1.43B

Results

Implied Equity Value / share$20.59

Current Price$20.59

Upside / Downside+0.0%

Implied EV$2.80B

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

Mult \ Net Debt	$1.43B	$1.43B	$1.43B	$1.43B	$1.43B
5.8x	$3.35	$3.35	$3.35	$3.35	$3.35
7.8x	$11.97	$11.97	$11.97	$11.97	$11.97
9.8x	$20.59	$20.59	$20.59	$20.59	$20.59
11.8x	$29.21	$29.21	$29.21	$29.21	$29.21
13.8x	$37.83	$37.83	$37.83	$37.83	$37.83

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