SSD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($192.96)
DCF	$90.16	-53.3%
Graham Number	$95.57	-50.5%
Reverse DCF	—	implied g: 17.9%
DDM	$23.90	-87.6%
EV/EBITDA	$193.30	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $218.80M

Near-term growth (yrs 1–5)(%)Rev: 4.2% / EPS: 3.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.03%

Computed WACC: 11.03%

Cost of equity (Re)11.70%(Rf 4.30% + β 1.35 × 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)94.28%

Debt weight (D/V)5.72%

Results

Intrinsic Value / share$67.86

Current Price$192.96

Upside / Downside-64.8%

Net Debt (used)$103.44M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$90.95	$109.85	$131.83	$157.28	$186.59
8.0%	$74.32	$89.53	$107.20	$127.62	$151.12
9.0%	$62.80	$75.47	$90.16	$107.11	$126.60
10.0%	$54.34	$65.15	$77.66	$92.09	$108.64
11.0%	$47.87	$57.25	$68.11	$80.61	$94.94

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.25

Book Value / share($)Yahoo: $49.20

Results

Graham Number$95.57

Current Price$192.96

Margin of Safety-50.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.03%

Terminal growth rate(%)

Computed WACC: 11.03%

Cost of equity (Re)11.70%(Rf 4.30% + β 1.35 × 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)94.28%

Debt weight (D/V)5.72%

Results

Current Price$192.96

Implied Near-term FCF Growth23.6%

Historical Revenue Growth4.2%

Historical Earnings Growth3.0%

Base FCF (TTM)$218.80M

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: $1.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.90

Current Price$192.96

Upside / Downside-87.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $532.58M

Target EV/EBITDA multipleCurrent: 15.2×

Net Debt($B)Default: $103.44M

Results

Implied Equity Value / share$193.30

Current Price$192.96

Upside / Downside+0.2%

Implied EV$8.12B

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

Mult \ Net Debt	-$1.90B	-$896.56M	$103.44M	$1.10B	$2.10B
11.2x	$190.16	$166.04	$141.92	$117.80	$93.68
13.2x	$215.85	$191.73	$167.61	$143.49	$119.37
15.2x	$241.54	$217.42	$193.30	$169.18	$145.06
17.2x	$267.23	$243.11	$218.99	$194.87	$170.75
19.2x	$292.92	$268.80	$244.68	$220.56	$196.44

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