UL

UL — Valuation Models

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

Valuation Summary

ModelIntrinsic Valuevs Price ($73.75)
DCF$40.69-44.8%
Graham Number$24.08-67.4%
Reverse DCFimplied g: 13.5%
DDM$45.73-38.0%
EV/EBITDA$74.51+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: $6.39B
Rev: — / EPS: —
Default: 9% (no SEC data)

Results

Intrinsic Value / share$40.69
Current Price$73.75
Upside / Downside-44.8%
Net Debt (used)$23.25B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term-3.0%1.0%5.0%9.0%13.0%
7.0%$41.13$51.60$63.78$77.88$94.12
8.0%$31.92$40.35$50.14$61.45$74.47
9.0%$25.54$32.55$40.69$50.09$60.88
10.0%$20.85$26.84$33.77$41.76$50.93
11.0%$17.26$22.46$28.48$35.40$43.34

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $3.06
Yahoo: $8.42

Results

Graham Number$24.08
Current Price$73.75
Margin of Safety-67.4%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Current Price$73.75
Implied Near-term FCF Growth13.5%
Historical Revenue Growth
Historical Earnings Growth
Base FCF (TTM)$6.39B
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

Yahoo: $2.22

Results

DDM Intrinsic Value / share$45.73
Current Price$73.75
Upside / Downside-38.0%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $11.52B
Current: 16.2×
Default: $23.25B

Results

Implied Equity Value / share$74.51
Current Price$73.75
Upside / Downside+1.0%
Implied EV$186.05B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt$11.25B$17.25B$23.25B$29.25B$35.25B
12.2x$58.92$56.17$53.43$50.68$47.93
14.2x$69.46$66.72$63.97$61.22$58.48
16.2x$80.00$77.26$74.51$71.77$69.02
18.2x$90.55$87.80$85.05$82.31$79.56
20.2x$101.09$98.34$95.60$92.85$90.10