STWD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.81)
DCF	$-58.60	-429.0%
Graham Number	$20.62	+15.8%
Reverse DCF	—	—
DDM	$39.55	+122.1%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 62.6% / EPS: 78.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.45%

Computed WACC: 2.45%

Cost of equity (Re)10.52%(Rf 4.30% + β 1.13 × 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)23.32%

Debt weight (D/V)76.68%

Results

Intrinsic Value / share—

Current Price$17.81

Upside / Downside—

Net Debt (used)$21.70B

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

WACC \ Near-term	70.0%	74.0%	78.0%	82.0%	86.0%
7.0%	$-58.60	$-58.60	$-58.60	$-58.60	$-58.60
8.0%	$-58.60	$-58.60	$-58.60	$-58.60	$-58.60
9.0%	$-58.60	$-58.60	$-58.60	$-58.60	$-58.60
10.0%	$-58.60	$-58.60	$-58.60	$-58.60	$-58.60
11.0%	$-58.60	$-58.60	$-58.60	$-58.60	$-58.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.03

Book Value / share($)Yahoo: $18.34

Results

Graham Number$20.62

Current Price$17.81

Margin of Safety+15.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.45%

Terminal growth rate(%)

Computed WACC: 2.45%

Cost of equity (Re)10.52%(Rf 4.30% + β 1.13 × 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)23.32%

Debt weight (D/V)76.68%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$17.81

Implied Near-term FCF Growth—

Historical Revenue Growth62.6%

Historical Earnings Growth78.0%

Base FCF (TTM)—

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: $1.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$39.55

Current Price$17.81

Upside / Downside+122.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $21.70B

Results

Implied Equity Value / share$-58.60

Current Price$17.81

Upside / Downside-429.0%

Implied EV$0

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