VFC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.93)
DCF	$1463.96	+7633.5%
Graham Number	$7.58	-59.9%
Reverse DCF	—	implied g: 2.5%
DDM	$7.42	-60.8%
EV/EBITDA	$18.93	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $743.04M

Near-term growth (yrs 1–5)(%)Rev: 1.5% / EPS: 78.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.85%

Computed WACC: 7.85%

Cost of equity (Re)13.50%(Rf 4.30% + β 1.67 × 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)58.11%

Debt weight (D/V)41.89%

Results

Intrinsic Value / share$1905.75

Current Price$18.93

Upside / Downside+9967.4%

Net Debt (used)$3.87B

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

WACC \ Near-term	70.1%	74.1%	78.1%	82.1%	86.1%
7.0%	$1894.34	$2127.65	$2383.34	$2662.97	$2968.21
8.0%	$1460.45	$1640.32	$1837.43	$2052.98	$2288.24
9.0%	$1165.53	$1309.09	$1466.38	$1638.38	$1826.10
10.0%	$953.59	$1071.05	$1199.75	$1340.46	$1494.03
11.0%	$795.01	$892.96	$1000.27	$1117.58	$1245.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.56

Book Value / share($)Yahoo: $4.56

Results

Graham Number$7.58

Current Price$18.93

Margin of Safety-59.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.85%

Terminal growth rate(%)

Computed WACC: 7.85%

Cost of equity (Re)13.50%(Rf 4.30% + β 1.67 × 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)58.11%

Debt weight (D/V)41.89%

Results

Current Price$18.93

Implied Near-term FCF Growth-0.6%

Historical Revenue Growth1.5%

Historical Earnings Growth78.1%

Base FCF (TTM)$743.04M

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$18.93

Upside / Downside-60.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $851.57M

Target EV/EBITDA multipleCurrent: 13.2×

Net Debt($B)Default: $3.87B

Results

Implied Equity Value / share$18.93

Current Price$18.93

Upside / Downside+0.0%

Implied EV$11.28B

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

Mult \ Net Debt	$1.87B	$2.87B	$3.87B	$4.87B	$5.87B
9.2x	$15.34	$12.78	$10.22	$7.67	$5.11
11.2x	$19.69	$17.13	$14.58	$12.02	$9.47
13.2x	$24.04	$21.49	$18.93	$16.37	$13.82
15.2x	$28.40	$25.84	$23.28	$20.73	$18.17
17.2x	$32.75	$30.19	$27.64	$25.08	$22.52

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