STEP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($44.60)
DCF	$18468.96	+41310.2%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	$30.49	-31.6%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.40B

Near-term growth (yrs 1–5)(%)Rev: 73.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.81%

Computed WACC: 10.81%

Cost of equity (Re)11.54%(Rf 4.30% + β 1.32 × 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)93.67%

Debt weight (D/V)6.33%

Results

Intrinsic Value / share$13098.24

Current Price$44.60

Upside / Downside+29268.2%

Net Debt (used)-$708,992

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

WACC \ Near-term	65.0%	69.0%	73.0%	77.0%	81.0%
7.0%	$23592.45	$26573.59	$29849.51	$33441.58	$37372.17
8.0%	$18245.62	$20546.94	$23075.56	$25847.97	$28881.39
9.0%	$14609.29	$16448.40	$18468.96	$20684.10	$23107.58
10.0%	$11994.47	$13501.32	$15156.67	$16971.24	$18956.29
11.0%	$10036.79	$11294.98	$12677.00	$14191.80	$15848.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-6.92

Book Value / share($)Yahoo: $-4.73

Results

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

Graham Number—

Current Price$44.60

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.81%

Terminal growth rate(%)

Computed WACC: 10.81%

Cost of equity (Re)11.54%(Rf 4.30% + β 1.32 × 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)93.67%

Debt weight (D/V)6.33%

Results

Current Price$44.60

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth73.0%

Historical Earnings Growth—

Base FCF (TTM)$2.40B

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: $1.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$30.49

Current Price$44.60

Upside / Downside-31.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$963.21M

Target EV/EBITDA multipleCurrent: -4.5×

Net Debt($B)Default: -$708,992

Results

Implied Equity Value / share$54.34

Current Price$44.60

Upside / Downside+21.8%

Implied EV$4.35B

← Overview Financial Statements ← Companies