UNF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($231.47)
DCF	$125.41	-45.8%
Graham Number	$142.77	-38.3%
Reverse DCF	—	implied g: 15.8%
DDM	$29.46	-87.3%
EV/EBITDA	$288.07	+24.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $100.74M

Near-term growth (yrs 1–5)(%)Rev: 2.7% / EPS: -18.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.06%

Computed WACC: 8.06%

Cost of equity (Re)8.21%(Rf 4.30% + β 0.71 × 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)98.19%

Debt weight (D/V)1.81%

Results

Intrinsic Value / share$146.25

Current Price$231.47

Upside / Downside-36.8%

Net Debt (used)-$52.60M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$126.46	$151.30	$180.20	$213.65	$252.17
8.0%	$104.60	$124.60	$147.82	$174.67	$205.55
9.0%	$89.46	$106.10	$125.41	$147.70	$173.31
10.0%	$78.34	$92.54	$108.99	$127.95	$149.71
11.0%	$69.82	$82.16	$96.43	$112.86	$131.70

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.57

Book Value / share($)Yahoo: $119.68

Results

Graham Number$142.77

Current Price$231.47

Margin of Safety-38.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.06%

Terminal growth rate(%)

Computed WACC: 8.06%

Cost of equity (Re)8.21%(Rf 4.30% + β 0.71 × 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)98.19%

Debt weight (D/V)1.81%

Results

Current Price$231.47

Implied Near-term FCF Growth12.8%

Historical Revenue Growth2.7%

Historical Earnings Growth-18.2%

Base FCF (TTM)$100.74M

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: $1.43

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.46

Current Price$231.47

Upside / Downside-87.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $321.62M

Target EV/EBITDA multipleCurrent: 12.8×

Net Debt($B)Default: -$52.60M

Results

Implied Equity Value / share$288.07

Current Price$231.47

Upside / Downside+24.5%

Implied EV$4.13B

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

Mult \ Net Debt	-$2.05B	-$1.05B	-$52.60M	$947.40M	$1.95B
8.8x	$337.21	$268.34	$199.48	$130.61	$61.75
10.8x	$381.50	$312.64	$243.77	$174.91	$106.04
12.8x	$425.80	$356.93	$288.07	$219.20	$150.34
14.8x	$470.09	$401.23	$332.36	$263.50	$194.63
16.8x	$514.39	$445.52	$376.66	$307.80	$238.93

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