USB-PH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.10)
DCF	$-19.93	-204.3%
Graham Number	$62.59	+227.7%
Reverse DCF	—	—
DDM	$26.37	+38.1%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 5.3% / EPS: 24.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.93%

Computed WACC: 4.93%

Cost of equity (Re)10.11%(Rf 4.30% + β 1.06 × 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)48.73%

Debt weight (D/V)51.27%

Results

Intrinsic Value / share$-19.93

Current Price$19.10

Upside / Downside-204.3%

Net Debt (used)$32.21B

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

WACC \ Near-term	16.7%	20.7%	24.7%	28.7%	32.7%
7.0%	$-19.93	$-19.93	$-19.93	$-19.93	$-19.93
8.0%	$-19.93	$-19.93	$-19.93	$-19.93	$-19.93
9.0%	$-19.93	$-19.93	$-19.93	$-19.93	$-19.93
10.0%	$-19.93	$-19.93	$-19.93	$-19.93	$-19.93
11.0%	$-19.93	$-19.93	$-19.93	$-19.93	$-19.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.64

Book Value / share($)Yahoo: $37.54

Results

Graham Number$62.59

Current Price$19.10

Margin of Safety+227.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.93%

Terminal growth rate(%)

Computed WACC: 4.93%

Cost of equity (Re)10.11%(Rf 4.30% + β 1.06 × 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)48.73%

Debt weight (D/V)51.27%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$19.10

Implied Near-term FCF Growth—

Historical Revenue Growth5.3%

Historical Earnings Growth24.7%

Base FCF (TTM)—

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$19.10

Upside / Downside+38.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $32.21B

Results

Implied Equity Value / share$-19.93

Current Price$19.10

Upside / Downside-204.3%

Implied EV$0

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