UE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.06)
DCF	$13.78	-34.6%
Graham Number	$13.06	-38.0%
Reverse DCF	—	implied g: 9.1%
DDM	$17.30	-17.8%
EV/EBITDA	$21.75	+3.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $190.96M

Near-term growth (yrs 1–5)(%)Rev: 2.7% / EPS: -61.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.70%

Computed WACC: 7.70%

Cost of equity (Re)10.03%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)4.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)63.10%

Debt weight (D/V)36.90%

Results

Intrinsic Value / share$20.51

Current Price$21.06

Upside / Downside-2.6%

Net Debt (used)$1.62B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$14.00	$19.43	$25.75	$33.06	$41.48
8.0%	$9.23	$13.60	$18.67	$24.54	$31.29
9.0%	$5.92	$9.56	$13.78	$18.65	$24.24
10.0%	$3.49	$6.59	$10.19	$14.33	$19.09
11.0%	$1.63	$4.32	$7.44	$11.03	$15.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.74

Book Value / share($)Yahoo: $10.24

Results

Graham Number$13.06

Current Price$21.06

Margin of Safety-38.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.70%

Terminal growth rate(%)

Computed WACC: 7.70%

Cost of equity (Re)10.03%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)4.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)63.10%

Debt weight (D/V)36.90%

Results

Current Price$21.06

Implied Near-term FCF Growth5.3%

Historical Revenue Growth2.7%

Historical Earnings Growth-61.2%

Base FCF (TTM)$190.96M

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: $0.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$17.30

Current Price$21.06

Upside / Downside-17.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $251.45M

Target EV/EBITDA multipleCurrent: 17.3×

Net Debt($B)Default: $1.62B

Results

Implied Equity Value / share$21.75

Current Price$21.06

Upside / Downside+3.3%

Implied EV$4.36B

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

Mult \ Net Debt	$1.62B	$1.62B	$1.62B	$1.62B	$1.62B
13.3x	$13.77	$13.77	$13.77	$13.77	$13.77
15.3x	$17.76	$17.76	$17.76	$17.76	$17.76
17.3x	$21.75	$21.75	$21.75	$21.75	$21.75
19.3x	$25.75	$25.75	$25.75	$25.75	$25.75
21.3x	$29.74	$29.74	$29.74	$29.74	$29.74

← Overview Financial Statements ← Companies