VMC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($306.20)
DCF	$18.57	-93.9%
Graham Number	$109.34	-64.3%
Reverse DCF	—	implied g: 37.6%
DDM	$42.85	-86.0%
EV/EBITDA	$306.39	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $409.04M

Near-term growth (yrs 1–5)(%)Rev: 3.2% / EPS: -13.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.02%

Computed WACC: 9.02%

Cost of equity (Re)10.12%(Rf 4.30% + β 1.06 × 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)89.12%

Debt weight (D/V)10.88%

Results

Intrinsic Value / share$18.40

Current Price$306.20

Upside / Downside-94.0%

Net Debt (used)$4.76B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$19.04	$30.26	$43.31	$58.41	$75.80
8.0%	$9.17	$18.20	$28.68	$40.81	$54.75
9.0%	$2.33	$9.85	$18.57	$28.63	$40.20
10.0%	$-2.69	$3.72	$11.15	$19.71	$29.54
11.0%	$-6.53	$-0.96	$5.48	$12.90	$21.40

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.14

Book Value / share($)Yahoo: $65.28

Results

Graham Number$109.34

Current Price$306.20

Margin of Safety-64.3%

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)10.12%(Rf 4.30% + β 1.06 × 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)89.12%

Debt weight (D/V)10.88%

Results

Current Price$306.20

Implied Near-term FCF Growth37.7%

Historical Revenue Growth3.2%

Historical Earnings Growth-13.8%

Base FCF (TTM)$409.04M

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$306.20

Upside / Downside-86.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.31B

Target EV/EBITDA multipleCurrent: 19.4×

Net Debt($B)Default: $4.76B

Results

Implied Equity Value / share$306.39

Current Price$306.20

Upside / Downside+0.1%

Implied EV$44.77B

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

Mult \ Net Debt	$2.76B	$3.76B	$4.76B	$5.76B	$6.76B
15.4x	$250.91	$243.25	$235.59	$227.93	$220.27
17.4x	$286.31	$278.65	$270.99	$263.33	$255.67
19.4x	$321.71	$314.05	$306.39	$298.73	$291.07
21.4x	$357.11	$349.45	$341.79	$334.13	$326.47
23.4x	$392.51	$384.85	$377.19	$369.53	$361.87

← Overview Financial Statements ← Companies