VCTR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($69.00)
DCF	$2247.75	+3157.6%
Graham Number	$58.90	-14.6%
Reverse DCF	—	implied g: -0.3%
DDM	$40.38	-41.5%
EV/EBITDA	$68.90	-0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $410.08M

Near-term growth (yrs 1–5)(%)Rev: 61.0% / EPS: 15.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.02%

Computed WACC: 9.02%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)5.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.52%

Debt weight (D/V)18.48%

Results

Intrinsic Value / share$2238.53

Current Price$69.00

Upside / Downside+3144.2%

Net Debt (used)$851.93M

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

WACC \ Near-term	53.0%	57.0%	61.0%	65.0%	69.0%
7.0%	$2801.85	$3185.62	$3610.31	$4079.12	$4595.41
8.0%	$2173.49	$2470.80	$2799.76	$3162.85	$3562.66
9.0%	$1745.51	$1983.96	$2247.75	$2538.87	$2859.38
10.0%	$1437.25	$1633.32	$1850.20	$2089.50	$2352.94
11.0%	$1206.05	$1370.36	$1552.07	$1752.54	$1973.18

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.08

Book Value / share($)Yahoo: $37.80

Results

Graham Number$58.90

Current Price$69.00

Margin of Safety-14.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.02%

Terminal growth rate(%)

Computed WACC: 9.02%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)5.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.52%

Debt weight (D/V)18.48%

Results

Current Price$69.00

Implied Near-term FCF Growth-0.2%

Historical Revenue Growth61.0%

Historical Earnings Growth15.4%

Base FCF (TTM)$410.08M

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: $1.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$40.38

Current Price$69.00

Upside / Downside-41.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $655.42M

Target EV/EBITDA multipleCurrent: 8.0×

Net Debt($B)Default: $851.93M

Results

Implied Equity Value / share$68.90

Current Price$69.00

Upside / Downside-0.2%

Implied EV$5.27B

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

Mult \ Net Debt	-$1.15B	-$148.07M	$851.93M	$1.85B	$2.85B
4.0x	$59.20	$43.62	$28.03	$12.44	$-3.15
6.0x	$79.64	$64.05	$48.46	$32.87	$17.28
8.0x	$100.07	$84.48	$68.90	$53.31	$37.72
10.0x	$120.51	$104.92	$89.33	$73.74	$58.15
12.0x	$140.94	$125.35	$109.76	$94.18	$78.59

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