URI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($820.58)
DCF	$296.47	-63.9%
Graham Number	$351.53	-57.2%
Reverse DCF	—	implied g: 16.7%
DDM	$162.33	-80.2%
EV/EBITDA	$840.01	+2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.93B

Near-term growth (yrs 1–5)(%)Rev: 2.8% / EPS: -1.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.40%

Computed WACC: 10.40%

Cost of equity (Re)13.52%(Rf 4.30% + β 1.68 × 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)76.92%

Debt weight (D/V)23.08%

Results

Intrinsic Value / share$200.05

Current Price$820.58

Upside / Downside-75.6%

Net Debt (used)$15.21B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$301.09	$410.80	$538.44	$686.17	$856.32
8.0%	$204.55	$292.86	$395.44	$514.00	$650.40
9.0%	$137.65	$211.18	$296.47	$394.91	$508.03
10.0%	$88.54	$151.27	$223.92	$307.67	$403.79
11.0%	$50.95	$105.44	$168.47	$241.03	$324.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $38.64

Book Value / share($)Yahoo: $142.13

Results

Graham Number$351.53

Current Price$820.58

Margin of Safety-57.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.40%

Terminal growth rate(%)

Computed WACC: 10.40%

Cost of equity (Re)13.52%(Rf 4.30% + β 1.68 × 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)76.92%

Debt weight (D/V)23.08%

Results

Current Price$820.58

Implied Near-term FCF Growth20.7%

Historical Revenue Growth2.8%

Historical Earnings Growth-1.9%

Base FCF (TTM)$1.93B

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: $7.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$162.33

Current Price$820.58

Upside / Downside-80.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.46B

Target EV/EBITDA multipleCurrent: 15.3×

Net Debt($B)Default: $15.21B

Results

Implied Equity Value / share$840.01

Current Price$820.58

Upside / Downside+2.4%

Implied EV$68.13B

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

Mult \ Net Debt	$7.21B	$11.21B	$15.21B	$19.21B	$23.21B
11.3x	$684.14	$620.64	$557.15	$493.65	$430.16
13.3x	$825.57	$762.08	$698.58	$635.09	$571.59
15.3x	$967.00	$903.51	$840.01	$776.52	$713.03
17.3x	$1108.43	$1044.94	$981.45	$917.95	$854.46
19.3x	$1249.87	$1186.37	$1122.88	$1059.39	$995.89

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