TAP-A — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($52.89)
DCF	$2632.97	+4878.2%
Graham Number	—	—
Reverse DCF	—	implied g: -8.1%
DDM	$39.55	-25.2%
EV/EBITDA	$4000.06	+7463.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $699.50M

Near-term growth (yrs 1–5)(%)Rev: -2.7% / EPS: -12.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.30%

Computed WACC: 4.30%

Cost of equity (Re)6.77%(Rf 4.30% + β 0.45 × 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)63.55%

Debt weight (D/V)36.45%

Results

Intrinsic Value / share$15303.63

Current Price$52.89

Upside / Downside+28834.8%

Net Debt (used)$5.53B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$2674.13	$3651.39	$4788.32	$6104.18	$7619.76
8.0%	$1814.24	$2600.81	$3514.51	$4570.60	$5785.53
9.0%	$1218.36	$1873.31	$2632.97	$3509.86	$4517.44
10.0%	$780.92	$1339.67	$1986.78	$2732.77	$3588.95
11.0%	$446.02	$931.46	$1492.87	$2139.20	$2880.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-10.75

Book Value / share($)Yahoo: $53.62

Results

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

Graham Number—

Current Price$52.89

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.30%

Terminal growth rate(%)

Computed WACC: 4.30%

Cost of equity (Re)6.77%(Rf 4.30% + β 0.45 × 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)63.55%

Debt weight (D/V)36.45%

Results

Current Price$52.89

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-2.7%

Historical Earnings Growth-12.5%

Base FCF (TTM)$699.50M

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: $1.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$39.55

Current Price$52.89

Upside / Downside-25.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.36B

Target EV/EBITDA multipleCurrent: 6.7×

Net Debt($B)Default: $5.53B

Results

Implied Equity Value / share$4000.06

Current Price$52.89

Upside / Downside+7463.0%

Implied EV$15.78B

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

Mult \ Net Debt	$3.53B	$4.53B	$5.53B	$6.53B	$7.53B
2.7x	$1092.10	$701.93	$311.77	$-78.39	$-468.55
4.7x	$2936.24	$2546.08	$2155.91	$1765.75	$1375.59
6.7x	$4780.38	$4390.22	$4000.06	$3609.89	$3219.73
8.7x	$6624.52	$6234.36	$5844.20	$5454.04	$5063.87
10.7x	$8468.67	$8078.50	$7688.34	$7298.18	$6908.02

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