UPBD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.88)
DCF	$668.03	+3099.4%
Graham Number	$19.86	-4.9%
Reverse DCF	—	implied g: -20.0%
DDM	$32.14	+53.9%
EV/EBITDA	$20.95	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.63B

Near-term growth (yrs 1–5)(%)Rev: 10.9% / EPS: -38.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.60%

Computed WACC: 8.60%

Cost of equity (Re)14.43%(Rf 4.30% + β 1.84 × ERP 5.50%)

Cost of debt (Rd)6.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.44%

Debt weight (D/V)60.56%

Results

Intrinsic Value / share$718.39

Current Price$20.88

Upside / Downside+3340.6%

Net Debt (used)$1.74B

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

WACC \ Near-term	2.9%	6.9%	10.9%	14.9%	18.9%
7.0%	$698.39	$840.03	$1003.70	$1191.89	$1407.32
8.0%	$561.93	$675.12	$805.75	$955.81	$1127.43
9.0%	$467.71	$561.31	$669.20	$793.02	$934.49
10.0%	$398.81	$478.13	$569.45	$674.15	$793.66
11.0%	$346.28	$414.75	$493.49	$583.67	$686.52

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.46

Book Value / share($)Yahoo: $12.01

Results

Graham Number$19.86

Current Price$20.88

Margin of Safety-4.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.60%

Terminal growth rate(%)

Computed WACC: 8.60%

Cost of equity (Re)14.43%(Rf 4.30% + β 1.84 × ERP 5.50%)

Cost of debt (Rd)6.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.44%

Debt weight (D/V)60.56%

Results

Current Price$20.88

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth10.9%

Historical Earnings Growth-38.2%

Base FCF (TTM)$1.63B

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: $1.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.14

Current Price$20.88

Upside / Downside+53.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $488.10M

Target EV/EBITDA multipleCurrent: 6.0×

Net Debt($B)Default: $1.74B

Results

Implied Equity Value / share$20.95

Current Price$20.88

Upside / Downside+0.4%

Implied EV$2.95B

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

Mult \ Net Debt	$1.74B	$1.74B	$1.74B	$1.74B	$1.74B
2.0x	$-12.76	$-12.76	$-12.76	$-12.76	$-12.76
4.0x	$4.10	$4.10	$4.10	$4.10	$4.10
6.0x	$20.95	$20.95	$20.95	$20.95	$20.95
8.0x	$37.81	$37.81	$37.81	$37.81	$37.81
10.0x	$54.67	$54.67	$54.67	$54.67	$54.67

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