SUN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.01)
DCF	$-4.13	-106.5%
Graham Number	$49.37	-22.9%
Reverse DCF	—	implied g: 74.7%
DDM	$75.40	+17.8%
EV/EBITDA	$75.02	+17.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $34.13M

Near-term growth (yrs 1–5)(%)Rev: 63.2% / EPS: -86.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.42%

Computed WACC: 5.42%

Cost of equity (Re)7.06%(Rf 4.30% + β 0.50 × ERP 5.50%)

Cost of debt (Rd)5.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)44.81%

Debt weight (D/V)55.19%

Results

Intrinsic Value / share$162.06

Current Price$64.01

Upside / Downside+153.2%

Net Debt (used)$13.96B

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

WACC \ Near-term	55.2%	59.2%	63.2%	67.2%	71.2%
7.0%	$20.47	$36.93	$55.11	$75.17	$97.22
8.0%	$-6.96	$5.79	$19.86	$35.39	$52.45
9.0%	$-25.63	$-15.42	$-4.13	$8.30	$21.97
10.0%	$-39.07	$-30.68	$-21.41	$-11.20	$0.03
11.0%	$-49.15	$-42.13	$-34.37	$-25.81	$-16.41

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.28

Book Value / share($)Yahoo: $47.51

Results

Graham Number$49.37

Current Price$64.01

Margin of Safety-22.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.42%

Terminal growth rate(%)

Computed WACC: 5.42%

Cost of equity (Re)7.06%(Rf 4.30% + β 0.50 × ERP 5.50%)

Cost of debt (Rd)5.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)44.81%

Debt weight (D/V)55.19%

Results

Current Price$64.01

Implied Near-term FCF Growth53.9%

Historical Revenue Growth63.2%

Historical Earnings Growth-86.6%

Base FCF (TTM)$34.13M

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: $3.66

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$75.40

Current Price$64.01

Upside / Downside+17.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.69B

Target EV/EBITDA multipleCurrent: 14.4×

Net Debt($B)Default: $13.96B

Results

Implied Equity Value / share$75.02

Current Price$64.01

Upside / Downside+17.2%

Implied EV$24.23B

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

Mult \ Net Debt	$7.96B	$10.96B	$13.96B	$16.96B	$19.96B
10.4x	$69.56	$47.64	$25.73	$3.81	$-18.10
12.4x	$94.20	$72.29	$50.37	$28.46	$6.54
14.4x	$118.85	$96.93	$75.02	$53.10	$31.19
16.4x	$143.50	$121.58	$99.67	$77.75	$55.84
18.4x	$168.14	$146.23	$124.31	$102.40	$80.48

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