SWX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($88.75)
DCF	$-51.62	-158.2%
Graham Number	$62.54	-29.5%
Reverse DCF	—	—
DDM	$51.09	-42.4%
EV/EBITDA	$88.28	-0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$45.28M

Near-term growth (yrs 1–5)(%)Rev: -13.1% / EPS: -26.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.04%

Computed WACC: 5.04%

Cost of equity (Re)7.80%(Rf 4.30% + β 0.64 × 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)64.62%

Debt weight (D/V)35.38%

Results

Intrinsic Value / share$-69.01

Current Price$88.75

Upside / Downside-177.8%

Net Debt (used)$2.93B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-51.72	$-53.96	$-56.58	$-59.60	$-63.08
8.0%	$-49.74	$-51.55	$-53.65	$-56.07	$-58.87
9.0%	$-48.37	$-49.88	$-51.62	$-53.64	$-55.95
10.0%	$-47.37	$-48.65	$-50.14	$-51.85	$-53.82
11.0%	$-46.60	$-47.71	$-49.00	$-50.49	$-52.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.17

Book Value / share($)Yahoo: $54.84

Results

Graham Number$62.54

Current Price$88.75

Margin of Safety-29.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.04%

Terminal growth rate(%)

Computed WACC: 5.04%

Cost of equity (Re)7.80%(Rf 4.30% + β 0.64 × 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)64.62%

Debt weight (D/V)35.38%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$88.75

Implied Near-term FCF Growth—

Historical Revenue Growth-13.1%

Historical Earnings Growth-26.3%

Base FCF (TTM)-$45.28M

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: $2.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$51.09

Current Price$88.75

Upside / Downside-42.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $822.08M

Target EV/EBITDA multipleCurrent: 11.3×

Net Debt($B)Default: $2.93B

Results

Implied Equity Value / share$88.28

Current Price$88.75

Upside / Downside-0.5%

Implied EV$9.30B

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

Mult \ Net Debt	$931.37M	$1.93B	$2.93B	$3.93B	$4.93B
7.3x	$70.43	$56.58	$42.72	$28.87	$15.01
9.3x	$93.21	$79.35	$65.50	$51.65	$37.79
11.3x	$115.98	$102.13	$88.28	$74.42	$60.57
13.3x	$138.76	$124.91	$111.05	$97.20	$83.35
15.3x	$161.54	$147.69	$133.83	$119.98	$106.12

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