UTL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($52.03)
DCF	$-335.70	-745.2%
Graham Number	$47.67	-8.4%
Reverse DCF	—	—
DDM	$37.70	-27.5%
EV/EBITDA	$52.04	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$84.36M

Near-term growth (yrs 1–5)(%)Rev: 26.7% / EPS: 8.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.04%

Computed WACC: 6.04%

Cost of equity (Re)6.80%(Rf 4.30% + β 0.46 × ERP 5.50%)

Cost of debt (Rd)6.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.05%

Debt weight (D/V)49.95%

Results

Intrinsic Value / share$-625.16

Current Price$52.03

Upside / Downside-1301.5%

Net Debt (used)$918.20M

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

WACC \ Near-term	18.7%	22.7%	26.7%	30.7%	34.7%
7.0%	$-370.52	$-425.94	$-488.92	$-560.22	$-640.65
8.0%	$-305.07	$-348.73	$-398.32	$-454.44	$-517.70
9.0%	$-260.17	$-295.77	$-336.19	$-381.91	$-433.42
10.0%	$-227.56	$-257.33	$-291.11	$-329.29	$-372.29
11.0%	$-202.90	$-228.26	$-257.02	$-289.51	$-326.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.97

Book Value / share($)Yahoo: $34.01

Results

Graham Number$47.67

Current Price$52.03

Margin of Safety-8.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.04%

Terminal growth rate(%)

Computed WACC: 6.04%

Cost of equity (Re)6.80%(Rf 4.30% + β 0.46 × ERP 5.50%)

Cost of debt (Rd)6.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.05%

Debt weight (D/V)49.95%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$52.03

Implied Near-term FCF Growth—

Historical Revenue Growth26.7%

Historical Earnings Growth8.6%

Base FCF (TTM)-$84.36M

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: $1.83

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.70

Current Price$52.03

Upside / Downside-27.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $191.60M

Target EV/EBITDA multipleCurrent: 9.7×

Net Debt($B)Default: $918.20M

Results

Implied Equity Value / share$52.04

Current Price$52.03

Upside / Downside+0.0%

Implied EV$1.85B

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

Mult \ Net Debt	-$1.08B	-$81.80M	$918.20M	$1.92B	$2.92B
5.7x	$120.63	$65.03	$9.42	$-46.18	$-101.79
7.7x	$141.94	$86.34	$30.73	$-24.87	$-80.48
9.7x	$163.25	$107.64	$52.04	$-3.57	$-59.17
11.7x	$184.56	$128.95	$73.35	$17.74	$-37.86
13.7x	$205.86	$150.26	$94.65	$39.05	$-16.56

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