VAC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($67.37)
DCF	$14.19	-78.9%
Graham Number	$77.50	+15.0%
Reverse DCF	—	implied g: 9.7%
DDM	$65.92	-2.2%
EV/EBITDA	$64.09	-4.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $328.38M

Near-term growth (yrs 1–5)(%)Rev: -2.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.32%

Computed WACC: 3.32%

Cost of equity (Re)11.39%(Rf 4.30% + β 1.29 × 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)29.11%

Debt weight (D/V)70.89%

Results

Intrinsic Value / share$1182.88

Current Price$67.37

Upside / Downside+1655.8%

Net Debt (used)$5.27B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$15.62	$49.59	$89.11	$134.85	$187.53
8.0%	$-14.27	$13.07	$44.83	$81.54	$123.77
9.0%	$-34.99	$-12.22	$14.19	$44.67	$79.69
10.0%	$-50.19	$-30.77	$-8.28	$17.66	$47.42
11.0%	$-61.83	$-44.96	$-25.44	$-2.98	$22.78

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.57

Book Value / share($)Yahoo: $58.41

Results

Graham Number$77.50

Current Price$67.37

Margin of Safety+15.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.32%

Terminal growth rate(%)

Computed WACC: 3.32%

Cost of equity (Re)11.39%(Rf 4.30% + β 1.29 × 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)29.11%

Debt weight (D/V)70.89%

Results

Current Price$67.37

Implied Near-term FCF Growth-18.7%

Historical Revenue Growth-2.7%

Historical Earnings Growth—

Base FCF (TTM)$328.38M

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: $3.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$65.92

Current Price$67.37

Upside / Downside-2.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $581.00M

Target EV/EBITDA multipleCurrent: 12.9×

Net Debt($B)Default: $5.27B

Results

Implied Equity Value / share$64.09

Current Price$67.37

Upside / Downside-4.9%

Implied EV$7.49B

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

Mult \ Net Debt	$3.27B	$4.27B	$5.27B	$6.27B	$7.27B
8.9x	$54.73	$25.84	$-3.05	$-31.94	$-60.83
10.9x	$88.30	$59.41	$30.52	$1.63	$-27.26
12.9x	$121.87	$92.98	$64.09	$35.20	$6.31
14.9x	$155.45	$126.56	$97.67	$68.77	$39.88
16.9x	$189.02	$160.13	$131.24	$102.35	$73.46

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