VNO-PL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.39)
DCF	—	—
Graham Number	$19.11	+9.9%
Reverse DCF	—	implied g: 65.0%
DDM	$27.81	+59.9%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.27B

Near-term growth (yrs 1–5)(%)Rev: -8.1% / EPS: 1263.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.20%

Computed WACC: 12.20%

Cost of equity (Re)12.73%(Rf 4.30% + β 1.53 × ERP 5.50%)

Cost of debt (Rd)14.65%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)54.76%

Debt weight (D/V)45.24%

Results

Intrinsic Value / share—

Current Price$17.39

Upside / Downside—

Net Debt (used)$7.08B

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

WACC \ Near-term	1255.5%	1259.5%	1263.5%	1267.5%	1271.5%
7.0%	—	—	—	—	—
8.0%	—	—	—	—	—
9.0%	—	—	—	—	—
10.0%	—	—	—	—	—
11.0%	—	—	—	—	—

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.64

Book Value / share($)Yahoo: $25.20

Results

Graham Number$19.11

Current Price$17.39

Margin of Safety+9.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.20%

Terminal growth rate(%)

Computed WACC: 12.20%

Cost of equity (Re)12.73%(Rf 4.30% + β 1.53 × ERP 5.50%)

Cost of debt (Rd)14.65%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)54.76%

Debt weight (D/V)45.24%

Results

Current Price$17.39

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-8.1%

Historical Earnings Growth1263.5%

Base FCF (TTM)$1.27B

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: $1.35

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.81

Current Price$17.39

Upside / Downside+59.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $788.11M

Target EV/EBITDA multipleCurrent: 15.8×

Net Debt($B)Default: $7.08B

Results

Implied Equity Value / share—

Current Price$17.39

Upside / Downside—

Implied EV$12.45B

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