SUI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($136.46)
DCF	$32.59	-76.1%
Graham Number	—	—
Reverse DCF	—	implied g: 21.9%
DDM	$85.70	-37.2%
EV/EBITDA	$137.13	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $442.06M

Near-term growth (yrs 1–5)(%)Rev: 3.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.81%

Computed WACC: 7.81%

Cost of equity (Re)9.15%(Rf 4.30% + β 0.88 × ERP 5.50%)

Cost of debt (Rd)2.99%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)80.30%

Debt weight (D/V)19.70%

Results

Intrinsic Value / share$46.84

Current Price$136.46

Upside / Downside-65.7%

Net Debt (used)$3.74B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$33.13	$45.95	$60.87	$78.14	$98.02
8.0%	$21.84	$32.16	$44.15	$58.01	$73.95
9.0%	$14.02	$22.62	$32.59	$44.09	$57.31
10.0%	$8.28	$15.61	$24.11	$33.90	$45.13
11.0%	$3.89	$10.26	$17.62	$26.11	$35.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.78

Book Value / share($)Yahoo: $56.33

Results

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

Graham Number—

Current Price$136.46

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.81%

Terminal growth rate(%)

Computed WACC: 7.81%

Cost of equity (Re)9.15%(Rf 4.30% + β 0.88 × ERP 5.50%)

Cost of debt (Rd)2.99%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)80.30%

Debt weight (D/V)19.70%

Results

Current Price$136.46

Implied Near-term FCF Growth17.9%

Historical Revenue Growth3.4%

Historical Earnings Growth—

Base FCF (TTM)$442.06M

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: $4.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$85.70

Current Price$136.46

Upside / Downside-37.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.01B

Target EV/EBITDA multipleCurrent: 20.5×

Net Debt($B)Default: $3.74B

Results

Implied Equity Value / share$137.13

Current Price$136.46

Upside / Downside+0.5%

Implied EV$20.67B

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

Mult \ Net Debt	$1.74B	$2.74B	$3.74B	$4.74B	$5.74B
16.5x	$120.65	$112.55	$104.45	$96.35	$88.25
18.5x	$136.99	$128.89	$120.79	$112.69	$104.59
20.5x	$153.33	$145.23	$137.13	$129.03	$120.92
22.5x	$169.67	$161.57	$153.47	$145.36	$137.26
24.5x	$186.01	$177.91	$169.80	$161.70	$153.60

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