VC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($95.24)
DCF	$185.62	+94.9%
Graham Number	$121.15	+27.2%
Reverse DCF	—	implied g: -7.5%
DDM	$30.90	-67.6%
EV/EBITDA	$97.07	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $269.12M

Near-term growth (yrs 1–5)(%)Rev: 1.0% / EPS: -90.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.67%

Computed WACC: 9.67%

Cost of equity (Re)10.69%(Rf 4.30% + β 1.16 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.77%

Debt weight (D/V)14.23%

Results

Intrinsic Value / share$169.25

Current Price$95.24

Upside / Downside+77.7%

Net Debt (used)-$340.00M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$187.11	$222.43	$263.51	$311.07	$365.84
8.0%	$156.03	$184.46	$217.48	$255.65	$299.55
9.0%	$134.50	$158.17	$185.62	$217.31	$253.72
10.0%	$118.69	$138.88	$162.27	$189.23	$220.17
11.0%	$106.58	$124.13	$144.42	$167.78	$194.55

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $11.15

Book Value / share($)Yahoo: $58.51

Results

Graham Number$121.15

Current Price$95.24

Margin of Safety+27.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.67%

Terminal growth rate(%)

Computed WACC: 9.67%

Cost of equity (Re)10.69%(Rf 4.30% + β 1.16 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.77%

Debt weight (D/V)14.23%

Results

Current Price$95.24

Implied Near-term FCF Growth-6.1%

Historical Revenue Growth1.0%

Historical Earnings Growth-90.3%

Base FCF (TTM)$269.12M

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: $1.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$30.90

Current Price$95.24

Upside / Downside-67.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $440.00M

Target EV/EBITDA multipleCurrent: 5.2×

Net Debt($B)Default: -$340.00M

Results

Implied Equity Value / share$97.07

Current Price$95.24

Upside / Downside+1.9%

Implied EV$2.31B

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

Mult \ Net Debt	-$2.34B	-$1.34B	-$340.00M	$660.00M	$1.66B
1.2x	$105.87	$69.22	$32.57	$-4.08	$-40.73
3.2x	$138.12	$101.47	$64.82	$28.17	$-8.48
5.2x	$170.37	$133.72	$97.07	$60.42	$23.77
7.2x	$202.62	$165.97	$129.32	$92.67	$56.02
9.2x	$234.87	$198.22	$161.57	$124.92	$88.28

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