TECH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($57.82)
DCF	$36.11	-37.5%
Graham Number	$12.40	-78.5%
Reverse DCF	—	implied g: 17.1%
DDM	$6.59	-88.6%
EV/EBITDA	$57.82	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $260.84M

Near-term growth (yrs 1–5)(%)Rev: -0.4% / EPS: 9.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.95%

Computed WACC: 11.95%

Cost of equity (Re)12.41%(Rf 4.30% + β 1.48 × 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)96.27%

Debt weight (D/V)3.73%

Results

Intrinsic Value / share$23.88

Current Price$57.82

Upside / Downside-58.7%

Net Debt (used)$171.35M

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

WACC \ Near-term	1.1%	5.1%	9.1%	13.1%	17.1%
7.0%	$37.22	$44.76	$53.49	$63.55	$75.09
8.0%	$30.15	$36.19	$43.17	$51.21	$60.42
9.0%	$25.26	$30.27	$36.05	$42.69	$50.30
10.0%	$21.69	$25.93	$30.84	$36.47	$42.90
11.0%	$18.95	$22.63	$26.86	$31.72	$37.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.53

Book Value / share($)Yahoo: $12.90

Results

Graham Number$12.40

Current Price$57.82

Margin of Safety-78.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.95%

Terminal growth rate(%)

Computed WACC: 11.95%

Cost of equity (Re)12.41%(Rf 4.30% + β 1.48 × 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)96.27%

Debt weight (D/V)3.73%

Results

Current Price$57.82

Implied Near-term FCF Growth25.1%

Historical Revenue Growth-0.4%

Historical Earnings Growth9.1%

Base FCF (TTM)$260.84M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$57.82

Upside / Downside-88.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $330.54M

Target EV/EBITDA multipleCurrent: 27.9×

Net Debt($B)Default: $171.35M

Results

Implied Equity Value / share$57.82

Current Price$57.82

Upside / Downside-0.0%

Implied EV$9.22B

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

Mult \ Net Debt	-$1.83B	-$828.65M	$171.35M	$1.17B	$2.17B
23.9x	$62.15	$55.76	$49.37	$42.98	$36.59
25.9x	$66.38	$59.99	$53.59	$47.20	$40.81
27.9x	$70.60	$64.21	$57.82	$51.43	$45.04
29.9x	$74.83	$68.44	$62.04	$55.65	$49.26
31.9x	$79.05	$72.66	$66.27	$59.88	$53.49

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