TT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($466.17)
DCF	$142.44	-69.4%
Graham Number	$106.98	-77.1%
Reverse DCF	—	implied g: 25.0%
DDM	$86.52	-81.4%
EV/EBITDA	$462.43	-0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.94B

Near-term growth (yrs 1–5)(%)Rev: 5.6% / EPS: -0.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.60%

Computed WACC: 10.60%

Cost of equity (Re)10.96%(Rf 4.30% + β 1.21 × ERP 5.50%)

Cost of debt (Rd)4.83%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)95.00%

Debt weight (D/V)5.00%

Results

Intrinsic Value / share$110.47

Current Price$466.17

Upside / Downside-76.3%

Net Debt (used)$3.68B

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

WACC \ Near-term	-2.4%	1.6%	5.6%	9.6%	13.6%
7.0%	$144.36	$176.78	$214.48	$258.08	$308.27
8.0%	$115.55	$141.63	$171.90	$206.87	$247.08
9.0%	$95.59	$117.29	$142.44	$171.46	$204.78
10.0%	$80.95	$99.45	$120.86	$145.53	$173.83
11.0%	$69.74	$85.81	$104.37	$125.73	$150.20

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $13.13

Book Value / share($)Yahoo: $38.74

Results

Graham Number$106.98

Current Price$466.17

Margin of Safety-77.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.60%

Terminal growth rate(%)

Computed WACC: 10.60%

Cost of equity (Re)10.96%(Rf 4.30% + β 1.21 × ERP 5.50%)

Cost of debt (Rd)4.83%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)95.00%

Debt weight (D/V)5.00%

Results

Current Price$466.17

Implied Near-term FCF Growth29.9%

Historical Revenue Growth5.6%

Historical Earnings Growth-0.5%

Base FCF (TTM)$1.94B

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: $4.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$86.52

Current Price$466.17

Upside / Downside-81.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.21B

Target EV/EBITDA multipleCurrent: 25.2×

Net Debt($B)Default: $3.68B

Results

Implied Equity Value / share$462.43

Current Price$466.17

Upside / Downside-0.8%

Implied EV$106.03B

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

Mult \ Net Debt	$1.68B	$2.68B	$3.68B	$4.68B	$5.68B
21.2x	$395.32	$390.81	$386.29	$381.77	$377.25
23.2x	$433.39	$428.88	$424.36	$419.84	$415.32
25.2x	$471.46	$466.94	$462.43	$457.91	$453.39
27.2x	$509.53	$505.01	$500.49	$495.98	$491.46
29.2x	$547.60	$543.08	$538.56	$534.04	$529.53

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