USLM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($125.48)
DCF	$79.38	-36.7%
Graham Number	$48.14	-61.6%
Reverse DCF	—	implied g: 22.1%
DDM	$4.94	-96.1%
EV/EBITDA	$125.33	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $68.53M

Near-term growth (yrs 1–5)(%)Rev: 9.8% / EPS: 12.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.61%

Computed WACC: 9.61%

Cost of equity (Re)9.62%(Rf 4.30% + β 0.97 × 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)99.89%

Debt weight (D/V)0.11%

Results

Intrinsic Value / share$73.27

Current Price$125.48

Upside / Downside-41.6%

Net Debt (used)-$367.11M

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

WACC \ Near-term	4.9%	8.9%	12.9%	16.9%	20.9%
7.0%	$83.00	$96.45	$111.97	$129.77	$150.11
8.0%	$69.65	$80.39	$92.74	$106.91	$123.08
9.0%	$60.45	$69.31	$79.49	$91.16	$104.47
10.0%	$53.73	$61.22	$69.83	$79.67	$90.89
11.0%	$48.61	$55.06	$62.47	$70.94	$80.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.67

Book Value / share($)Yahoo: $22.05

Results

Graham Number$48.14

Current Price$125.48

Margin of Safety-61.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.61%

Terminal growth rate(%)

Computed WACC: 9.61%

Cost of equity (Re)9.62%(Rf 4.30% + β 0.97 × 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)99.89%

Debt weight (D/V)0.11%

Results

Current Price$125.48

Implied Near-term FCF Growth24.0%

Historical Revenue Growth9.8%

Historical Earnings Growth12.9%

Base FCF (TTM)$68.53M

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: $0.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.94

Current Price$125.48

Upside / Downside-96.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $183.08M

Target EV/EBITDA multipleCurrent: 17.6×

Net Debt($B)Default: -$367.11M

Results

Implied Equity Value / share$125.33

Current Price$125.48

Upside / Downside-0.1%

Implied EV$3.22B

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

Mult \ Net Debt	-$2.37B	-$1.37B	-$367.11M	$632.89M	$1.63B
13.6x	$169.59	$134.67	$99.76	$64.84	$29.92
15.6x	$182.38	$147.46	$112.54	$77.62	$42.71
17.6x	$195.16	$160.24	$125.33	$90.41	$55.49
19.6x	$207.95	$173.03	$138.11	$103.19	$68.28
21.6x	$220.73	$185.81	$150.90	$115.98	$81.06

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