VMI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($458.90)
DCF	$64706.78	+14000.4%
Graham Number	$177.69	-61.3%
Reverse DCF	—	implied g: 25.7%
DDM	$57.89	-87.4%
EV/EBITDA	$460.42	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $169.37M

Near-term growth (yrs 1–5)(%)Rev: 0.1% / EPS: 135.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.85%

Computed WACC: 9.85%

Cost of equity (Re)10.89%(Rf 4.30% + β 1.20 × 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)90.44%

Debt weight (D/V)9.56%

Results

Intrinsic Value / share$54149.83

Current Price$458.90

Upside / Downside+11699.9%

Net Debt (used)$768.45M

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

WACC \ Near-term	127.3%	131.3%	135.3%	139.3%	143.3%
7.0%	$90202.44	$98417.22	$107219.84	$116641.31	$126713.69
8.0%	$68925.51	$75201.34	$81926.16	$89123.65	$96818.30
9.0%	$54518.18	$59481.16	$64799.11	$70490.76	$76575.48
10.0%	$44207.85	$48231.37	$52542.60	$57156.71	$62089.38
11.0%	$36528.81	$39852.69	$43414.18	$47225.81	$51300.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $16.79

Book Value / share($)Yahoo: $83.58

Results

Graham Number$177.69

Current Price$458.90

Margin of Safety-61.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.85%

Terminal growth rate(%)

Computed WACC: 9.85%

Cost of equity (Re)10.89%(Rf 4.30% + β 1.20 × 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)90.44%

Debt weight (D/V)9.56%

Results

Current Price$458.90

Implied Near-term FCF Growth28.4%

Historical Revenue Growth0.1%

Historical Earnings Growth135.3%

Base FCF (TTM)$169.37M

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: $2.81

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$57.89

Current Price$458.90

Upside / Downside-87.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $609.76M

Target EV/EBITDA multipleCurrent: 16.0×

Net Debt($B)Default: $768.45M

Results

Implied Equity Value / share$460.42

Current Price$458.90

Upside / Downside+0.3%

Implied EV$9.76B

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

Mult \ Net Debt	-$1.23B	-$231.55M	$768.45M	$1.77B	$2.77B
12.0x	$437.95	$386.76	$335.57	$284.38	$233.19
14.0x	$500.37	$449.18	$397.99	$346.80	$295.61
16.0x	$562.80	$511.61	$460.42	$409.23	$358.04
18.0x	$625.23	$574.04	$522.85	$471.66	$420.47
20.0x	$687.65	$636.46	$585.27	$534.08	$482.89

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