TEL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($211.98)
DCF	$1037.04	+389.2%
Graham Number	$83.03	-60.8%
Reverse DCF	—	implied g: 16.2%
DDM	$58.50	-72.4%
EV/EBITDA	$212.48	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.99B

Near-term growth (yrs 1–5)(%)Rev: 21.7% / EPS: 44.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.17%

Computed WACC: 10.17%

Cost of equity (Re)11.15%(Rf 4.30% + β 1.25 × 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)91.20%

Debt weight (D/V)8.80%

Results

Intrinsic Value / share$833.54

Current Price$211.98

Upside / Downside+293.2%

Net Debt (used)$4.75B

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

WACC \ Near-term	36.4%	40.4%	44.4%	48.4%	52.4%
7.0%	$1238.83	$1430.32	$1644.68	$1883.92	$2150.14
8.0%	$967.16	$1116.49	$1283.61	$1470.07	$1677.52
9.0%	$781.61	$902.17	$1037.04	$1187.49	$1354.83
10.0%	$647.56	$747.34	$858.95	$983.40	$1121.79
11.0%	$546.68	$630.85	$724.96	$829.87	$946.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.93

Book Value / share($)Yahoo: $44.22

Results

Graham Number$83.03

Current Price$211.98

Margin of Safety-60.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.17%

Terminal growth rate(%)

Computed WACC: 10.17%

Cost of equity (Re)11.15%(Rf 4.30% + β 1.25 × 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)91.20%

Debt weight (D/V)8.80%

Results

Current Price$211.98

Implied Near-term FCF Growth19.6%

Historical Revenue Growth21.7%

Historical Earnings Growth44.4%

Base FCF (TTM)$1.99B

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: $2.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$58.50

Current Price$211.98

Upside / Downside-72.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.52B

Target EV/EBITDA multipleCurrent: 14.9×

Net Debt($B)Default: $4.75B

Results

Implied Equity Value / share$212.48

Current Price$211.98

Upside / Downside+0.2%

Implied EV$67.10B

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

Mult \ Net Debt	$2.75B	$3.75B	$4.75B	$5.75B	$6.75B
10.9x	$157.72	$154.31	$150.91	$147.50	$144.09
12.9x	$188.51	$185.10	$181.69	$178.29	$174.88
14.9x	$219.30	$215.89	$212.48	$209.07	$205.66
16.9x	$250.08	$246.68	$243.27	$239.86	$236.45
18.9x	$280.87	$277.46	$274.05	$270.65	$267.24

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