STZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($156.56)
DCF	$138.82	-11.3%
Graham Number	$79.84	-49.0%
Reverse DCF	—	implied g: 6.5%
DDM	$84.05	-46.3%
EV/EBITDA	$158.23	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.97B

Near-term growth (yrs 1–5)(%)Rev: -9.8% / EPS: -15.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.83%

Computed WACC: 4.83%

Cost of equity (Re)6.72%(Rf 4.30% + β 0.44 × 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)71.88%

Debt weight (D/V)28.12%

Results

Intrinsic Value / share$500.27

Current Price$156.56

Upside / Downside+219.5%

Net Debt (used)$10.51B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$140.53	$181.21	$228.53	$283.31	$346.39
8.0%	$104.74	$137.48	$175.51	$219.47	$270.04
9.0%	$79.93	$107.20	$138.82	$175.32	$217.26
10.0%	$61.73	$84.98	$111.92	$142.97	$178.61
11.0%	$47.79	$67.99	$91.36	$118.26	$149.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.37

Book Value / share($)Yahoo: $44.47

Results

Graham Number$79.84

Current Price$156.56

Margin of Safety-49.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.83%

Terminal growth rate(%)

Computed WACC: 4.83%

Cost of equity (Re)6.72%(Rf 4.30% + β 0.44 × 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)71.88%

Debt weight (D/V)28.12%

Results

Current Price$156.56

Implied Near-term FCF Growth-8.8%

Historical Revenue Growth-9.8%

Historical Earnings Growth-15.0%

Base FCF (TTM)$1.97B

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: $4.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$84.05

Current Price$156.56

Upside / Downside-46.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.55B

Target EV/EBITDA multipleCurrent: 10.7×

Net Debt($B)Default: $10.51B

Results

Implied Equity Value / share$158.23

Current Price$156.56

Upside / Downside+1.1%

Implied EV$37.95B

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

Mult \ Net Debt	$4.51B	$7.51B	$10.51B	$13.51B	$16.51B
6.7x	$111.02	$93.72	$76.42	$59.11	$41.81
8.7x	$151.93	$134.63	$117.32	$100.02	$82.72
10.7x	$192.84	$175.54	$158.23	$140.93	$123.63
12.7x	$233.75	$216.44	$199.14	$181.84	$164.54
14.7x	$274.65	$257.35	$240.05	$222.75	$205.44

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