TXT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($99.31)
DCF	$3209.37	+3131.7%
Graham Number	$72.14	-27.4%
Reverse DCF	—	implied g: 9.6%
DDM	$1.65	-98.3%
EV/EBITDA	$99.31	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $853.12M

Near-term growth (yrs 1–5)(%)Rev: 15.6% / EPS: 74.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.57%

Computed WACC: 7.57%

Cost of equity (Re)9.44%(Rf 4.30% + β 0.94 × 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)80.16%

Debt weight (D/V)19.84%

Results

Intrinsic Value / share$4464.72

Current Price$99.31

Upside / Downside+4395.7%

Net Debt (used)$2.34B

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

WACC \ Near-term	66.4%	70.4%	74.4%	78.4%	82.4%
7.0%	$4114.63	$4631.82	$5199.71	$5821.95	$6502.36
8.0%	$3177.66	$3576.76	$4014.94	$4495.03	$5019.95
9.0%	$2540.53	$2859.35	$3209.37	$3592.81	$4012.04
10.0%	$2082.45	$2343.58	$2630.23	$2944.22	$3287.48
11.0%	$1739.56	$1957.52	$2196.75	$2458.78	$2745.20

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.12

Book Value / share($)Yahoo: $45.18

Results

Graham Number$72.14

Current Price$99.31

Margin of Safety-27.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.57%

Terminal growth rate(%)

Computed WACC: 7.57%

Cost of equity (Re)9.44%(Rf 4.30% + β 0.94 × 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)80.16%

Debt weight (D/V)19.84%

Results

Current Price$99.31

Implied Near-term FCF Growth5.3%

Historical Revenue Growth15.6%

Historical Earnings Growth74.4%

Base FCF (TTM)$853.12M

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: $0.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$1.65

Current Price$99.31

Upside / Downside-98.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.65B

Target EV/EBITDA multipleCurrent: 11.9×

Net Debt($B)Default: $2.34B

Results

Implied Equity Value / share$99.31

Current Price$99.31

Upside / Downside+0.0%

Implied EV$19.64B

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

Mult \ Net Debt	$342.00M	$1.34B	$2.34B	$3.34B	$4.34B
7.9x	$72.90	$67.16	$61.42	$55.67	$49.93
9.9x	$91.85	$86.11	$80.36	$74.62	$68.88
11.9x	$110.79	$105.05	$99.31	$93.57	$87.83
13.9x	$129.74	$124.00	$118.26	$112.52	$106.78
15.9x	$148.69	$142.95	$137.21	$131.47	$125.72

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