V — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($320.69)
DCF	$469.15	+46.3%
Graham Number	$69.32	-78.4%
Reverse DCF	—	implied g: 10.8%
DDM	$55.21	-82.8%
EV/EBITDA	$363.34	+13.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.03B

Near-term growth (yrs 1–5)(%)Rev: 14.6% / EPS: 17.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.31%

Computed WACC: 8.31%

Cost of equity (Re)8.59%(Rf 4.30% + β 0.78 × 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)96.69%

Debt weight (D/V)3.31%

Results

Intrinsic Value / share$532.49

Current Price$320.69

Upside / Downside+66.0%

Net Debt (used)$4.78B

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

WACC \ Near-term	9.4%	13.4%	17.4%	21.4%	25.4%
7.0%	$504.90	$599.18	$707.33	$830.86	$971.37
8.0%	$405.58	$480.43	$566.22	$664.14	$775.43
9.0%	$337.21	$398.71	$469.15	$549.47	$640.71
10.0%	$287.38	$339.18	$398.45	$465.99	$542.65
11.0%	$249.53	$293.98	$344.79	$402.65	$468.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.66

Book Value / share($)Yahoo: $20.03

Results

Graham Number$69.32

Current Price$320.69

Margin of Safety-78.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.31%

Terminal growth rate(%)

Computed WACC: 8.31%

Cost of equity (Re)8.59%(Rf 4.30% + β 0.78 × 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)96.69%

Debt weight (D/V)3.31%

Results

Current Price$320.69

Implied Near-term FCF Growth8.8%

Historical Revenue Growth14.6%

Historical Earnings Growth17.4%

Base FCF (TTM)$22.03B

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: $2.68

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$55.21

Current Price$320.69

Upside / Downside-82.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $28.99B

Target EV/EBITDA multipleCurrent: 21.2×

Net Debt($B)Default: $4.78B

Results

Implied Equity Value / share$363.34

Current Price$320.69

Upside / Downside+13.3%

Implied EV$615.60B

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

Mult \ Net Debt	$2.78B	$3.78B	$4.78B	$5.78B	$6.78B
17.2x	$295.56	$294.97	$294.37	$293.78	$293.18
19.2x	$330.05	$329.45	$328.86	$328.26	$327.67
21.2x	$364.53	$363.94	$363.34	$362.75	$362.16
23.2x	$399.02	$398.43	$397.83	$397.24	$396.64
25.2x	$433.51	$432.91	$432.32	$431.72	$431.13

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