STX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($407.84)
DCF	$2417.03	+492.6%
Graham Number	$20.47	-95.0%
Reverse DCF	—	implied g: 32.8%
DDM	$60.98	-85.0%
EV/EBITDA	$407.83	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.10B

Near-term growth (yrs 1–5)(%)Rev: 21.5% / EPS: 67.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.61%

Computed WACC: 12.61%

Cost of equity (Re)13.29%(Rf 4.30% + β 1.64 × 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)94.88%

Debt weight (D/V)5.12%

Results

Intrinsic Value / share$1284.84

Current Price$407.84

Upside / Downside+215.0%

Net Debt (used)$3.76B

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

WACC \ Near-term	59.7%	63.7%	67.7%	71.7%	75.7%
7.0%	$3064.28	$3466.71	$3910.26	$4397.99	$4933.15
8.0%	$2370.15	$2681.25	$3024.11	$3401.08	$3814.66
9.0%	$1897.79	$2146.77	$2421.13	$2722.75	$3053.64
10.0%	$1557.89	$1762.19	$1987.29	$2234.72	$2506.12
11.0%	$1303.24	$1474.07	$1662.27	$1869.12	$2095.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.85

Book Value / share($)Yahoo: $2.10

Results

Graham Number$20.47

Current Price$407.84

Margin of Safety-95.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.61%

Terminal growth rate(%)

Computed WACC: 12.61%

Cost of equity (Re)13.29%(Rf 4.30% + β 1.64 × 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)94.88%

Debt weight (D/V)5.12%

Results

Current Price$407.84

Implied Near-term FCF Growth44.0%

Historical Revenue Growth21.5%

Historical Earnings Growth67.7%

Base FCF (TTM)$1.10B

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: $2.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$60.98

Current Price$407.84

Upside / Downside-85.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.85B

Target EV/EBITDA multipleCurrent: 32.5×

Net Debt($B)Default: $3.76B

Results

Implied Equity Value / share$407.83

Current Price$407.84

Upside / Downside-0.0%

Implied EV$92.70B

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

Mult \ Net Debt	$1.76B	$2.76B	$3.76B	$4.76B	$5.76B
28.5x	$364.69	$360.11	$355.52	$350.94	$346.35
30.5x	$390.85	$386.26	$381.68	$377.09	$372.51
32.5x	$417.01	$412.42	$407.83	$403.25	$398.66
34.5x	$443.16	$438.58	$433.99	$429.41	$424.82
36.5x	$469.32	$464.73	$460.15	$455.56	$450.98

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