SW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.82)
DCF	$22.30	-52.4%
Graham Number	$34.00	-27.4%
Reverse DCF	—	implied g: 11.9%
DDM	$37.29	-20.4%
EV/EBITDA	$47.10	+0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.46B

Near-term growth (yrs 1–5)(%)Rev: 0.5% / EPS: -33.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.12%

Computed WACC: 6.12%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.01 × 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)62.19%

Debt weight (D/V)37.81%

Results

Intrinsic Value / share$61.81

Current Price$46.82

Upside / Downside+32.0%

Net Debt (used)$13.98B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$22.73	$32.73	$44.37	$57.84	$73.36
8.0%	$13.92	$21.97	$31.33	$42.14	$54.58
9.0%	$7.82	$14.53	$22.30	$31.28	$41.60
10.0%	$3.34	$9.06	$15.69	$23.33	$32.09
11.0%	$-0.09	$4.88	$10.63	$17.25	$24.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.46

Book Value / share($)Yahoo: $35.19

Results

Graham Number$34.00

Current Price$46.82

Margin of Safety-27.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.12%

Terminal growth rate(%)

Computed WACC: 6.12%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.01 × 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)62.19%

Debt weight (D/V)37.81%

Results

Current Price$46.82

Implied Near-term FCF Growth2.1%

Historical Revenue Growth0.5%

Historical Earnings Growth-33.0%

Base FCF (TTM)$1.46B

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: $1.81

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.29

Current Price$46.82

Upside / Downside-20.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.80B

Target EV/EBITDA multipleCurrent: 8.0×

Net Debt($B)Default: $13.98B

Results

Implied Equity Value / share$47.10

Current Price$46.82

Upside / Downside+0.6%

Implied EV$38.58B

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

Mult \ Net Debt	$7.98B	$10.98B	$13.98B	$16.98B	$19.98B
4.0x	$21.80	$16.06	$10.32	$4.57	$-1.17
6.0x	$40.19	$34.45	$28.71	$22.96	$17.22
8.0x	$58.59	$52.84	$47.10	$41.36	$35.61
10.0x	$76.98	$71.23	$65.49	$59.75	$54.01
12.0x	$95.37	$89.63	$83.88	$78.14	$72.40

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