ST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.85)
DCF	$33223504191.06	+90158762969.4%
Graham Number	—	—
Reverse DCF	—	implied g: 4.6%
DDM	$9.89	-73.2%
EV/EBITDA	$37.37	+1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $448.92M

Near-term growth (yrs 1–5)(%)Rev: 1.1% / EPS: 1021.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.84%

Computed WACC: 6.84%

Cost of equity (Re)10.57%(Rf 4.30% + β 1.14 × 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)64.75%

Debt weight (D/V)35.25%

Results

Intrinsic Value / share$59349074272.31

Current Price$36.85

Upside / Downside+161055832389.3%

Net Debt (used)$2.35B

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

WACC \ Near-term	1013.1%	1017.1%	1021.1%	1025.1%	1029.1%
7.0%	$54504100718.13	$55490485236.03	$56491099168.91	$57506095917.86	$58535629982.54
8.0%	$41094372212.57	$41838074982.44	$42592506281.27	$43357781768.65	$44134017932.42
9.0%	$32067998914.50	$32648347442.83	$33237067979.39	$33834250779.12	$34439986743.33
10.0%	$25650441559.84	$26114648735.73	$26585552484.31	$27063224998.38	$27547738987.75
11.0%	$20904165845.76	$21282477587.79	$21666246789.49	$22055532285.32	$22450393331.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.18

Book Value / share($)Yahoo: $19.10

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$36.85

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.84%

Terminal growth rate(%)

Computed WACC: 6.84%

Cost of equity (Re)10.57%(Rf 4.30% + β 1.14 × 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)64.75%

Debt weight (D/V)35.25%

Results

Current Price$36.85

Implied Near-term FCF Growth-1.8%

Historical Revenue Growth1.1%

Historical Earnings Growth1021.1%

Base FCF (TTM)$448.92M

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: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$36.85

Upside / Downside-73.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $753.90M

Target EV/EBITDA multipleCurrent: 10.3×

Net Debt($B)Default: $2.35B

Results

Implied Equity Value / share$37.37

Current Price$36.85

Upside / Downside+1.4%

Implied EV$7.79B

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

Mult \ Net Debt	$349.60M	$1.35B	$2.35B	$3.35B	$4.35B
6.3x	$30.40	$23.54	$16.67	$9.81	$2.94
8.3x	$40.75	$33.89	$27.02	$20.16	$13.29
10.3x	$51.10	$44.24	$37.37	$30.51	$23.64
12.3x	$61.45	$54.59	$47.72	$40.86	$33.99
14.3x	$71.80	$64.94	$58.07	$51.21	$44.34

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