TER — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($325.83)
DCF	$1551.40	+376.1%
Graham Number	$37.29	-88.6%
Reverse DCF	—	implied g: 48.2%
DDM	$10.71	-96.7%
EV/EBITDA	$325.83	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $270.63M

Near-term growth (yrs 1–5)(%)Rev: 43.9% / EPS: 81.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.25%

Computed WACC: 14.25%

Cost of equity (Re)14.32%(Rf 4.30% + β 1.82 × ERP 5.50%)

Cost of debt (Rd)2.42%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)99.45%

Debt weight (D/V)0.55%

Results

Intrinsic Value / share$643.75

Current Price$325.83

Upside / Downside+97.6%

Net Debt (used)-$38.76M

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

WACC \ Near-term	73.4%	77.4%	81.4%	85.4%	89.4%
7.0%	$2012.85	$2254.67	$2519.23	$2808.11	$3122.94
8.0%	$1552.88	$1739.16	$1942.96	$2165.47	$2407.96
9.0%	$1240.32	$1388.88	$1551.40	$1728.82	$1922.16
10.0%	$1015.78	$1137.25	$1270.11	$1415.16	$1573.21
11.0%	$847.84	$949.06	$1059.75	$1180.59	$1312.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.45

Book Value / share($)Yahoo: $17.91

Results

Graham Number$37.29

Current Price$325.83

Margin of Safety-88.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.25%

Terminal growth rate(%)

Computed WACC: 14.25%

Cost of equity (Re)14.32%(Rf 4.30% + β 1.82 × ERP 5.50%)

Cost of debt (Rd)2.42%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)99.45%

Debt weight (D/V)0.55%

Results

Current Price$325.83

Implied Near-term FCF Growth65.7%

Historical Revenue Growth43.9%

Historical Earnings Growth81.4%

Base FCF (TTM)$270.63M

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: $0.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.71

Current Price$325.83

Upside / Downside-96.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $812.01M

Target EV/EBITDA multipleCurrent: 62.8×

Net Debt($B)Default: -$38.76M

Results

Implied Equity Value / share$325.83

Current Price$325.83

Upside / Downside-0.0%

Implied EV$50.97B

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

Mult \ Net Debt	-$2.04B	-$1.04B	-$38.76M	$961.24M	$1.96B
58.8x	$317.86	$311.47	$305.08	$298.69	$292.31
60.8x	$328.23	$321.84	$315.46	$309.07	$302.68
62.8x	$338.60	$332.22	$325.83	$319.44	$313.05
64.8x	$348.98	$342.59	$336.20	$329.82	$323.43
66.8x	$359.35	$352.96	$346.58	$340.19	$333.80

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