TOL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($154.28)
DCF	$497.63	+222.5%
Graham Number	$165.20	+7.1%
Reverse DCF	—	implied g: 5.9%
DDM	$20.60	-86.6%
EV/EBITDA	$154.33	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $878.73M

Near-term growth (yrs 1–5)(%)Rev: 15.4% / EPS: 25.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.28%

Computed WACC: 10.28%

Cost of equity (Re)12.28%(Rf 4.30% + β 1.45 × 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)83.70%

Debt weight (D/V)16.30%

Results

Intrinsic Value / share$398.81

Current Price$154.28

Upside / Downside+158.5%

Net Debt (used)$1.65B

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

WACC \ Near-term	17.1%	21.1%	25.1%	29.1%	33.1%
7.0%	$556.89	$657.69	$772.43	$902.51	$1049.46
8.0%	$440.02	$519.53	$609.98	$712.47	$828.19
9.0%	$359.80	$424.72	$498.53	$582.11	$676.43
10.0%	$301.52	$355.87	$417.60	$487.48	$566.30
11.0%	$257.41	$303.76	$356.38	$415.91	$483.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $13.67

Book Value / share($)Yahoo: $88.73

Results

Graham Number$165.20

Current Price$154.28

Margin of Safety+7.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.28%

Terminal growth rate(%)

Computed WACC: 10.28%

Cost of equity (Re)12.28%(Rf 4.30% + β 1.45 × 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)83.70%

Debt weight (D/V)16.30%

Results

Current Price$154.28

Implied Near-term FCF Growth9.2%

Historical Revenue Growth15.4%

Historical Earnings Growth25.1%

Base FCF (TTM)$878.73M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$154.28

Upside / Downside-86.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.89B

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $1.65B

Results

Implied Equity Value / share$154.33

Current Price$154.28

Upside / Downside+0.0%

Implied EV$16.27B

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

Mult \ Net Debt	$1.65B	$1.65B	$1.65B	$1.65B	$1.65B
4.6x	$74.33	$74.33	$74.33	$74.33	$74.33
6.6x	$114.33	$114.33	$114.33	$114.33	$114.33
8.6x	$154.33	$154.33	$154.33	$154.33	$154.33
10.6x	$194.33	$194.33	$194.33	$194.33	$194.33
12.6x	$234.33	$234.33	$234.33	$234.33	$234.33

← Overview Financial Statements ← Companies