VNO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($27.58)
DCF	$470995966052.99	+1707744619381.5%
Graham Number	$48.80	+76.9%
Reverse DCF	—	implied g: -5.0%
DDM	$15.24	-44.7%
EV/EBITDA	$38.07	+38.0%

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: 12.02%

Computed WACC: 12.02%

Cost of equity (Re)12.64%(Rf 4.30% + β 1.52 × 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)42.04%

Debt weight (D/V)57.96%

Results

Intrinsic Value / share$252773129594.60

Current Price$27.58

Upside / Downside+916508809162.5%

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%	$778180002138.49	$789729780967.24	$801416292343.72	$813240746726.25	$825204361696.10
8.0%	$586496887021.10	$595201697233.60	$604009559710.47	$612921386747.06	$621938096007.16
9.0%	$457495784729.88	$464285955324.22	$471156511639.50	$478108165309.96	$485141632157.45
10.0%	$365798025610.37	$371227214331.30	$376720676730.81	$382278981807.35	$387902701907.62
11.0%	$297995718530.84	$302418582654.39	$306893807039.61	$311421855218.50	$316003193450.71

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.20

Book Value / share($)Yahoo: $25.20

Results

Graham Number$48.80

Current Price$27.58

Margin of Safety+76.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.02%

Terminal growth rate(%)

Computed WACC: 12.02%

Cost of equity (Re)12.64%(Rf 4.30% + β 1.52 × 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)42.04%

Debt weight (D/V)57.96%

Results

Current Price$27.58

Implied Near-term FCF Growth1.2%

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: $0.74

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.24

Current Price$27.58

Upside / Downside-44.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $788.11M

Target EV/EBITDA multipleCurrent: 18.2×

Net Debt($B)Default: $7.08B

Results

Implied Equity Value / share$38.07

Current Price$27.58

Upside / Downside+38.0%

Implied EV$14.34B

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

Mult \ Net Debt	$3.08B	$5.08B	$7.08B	$9.08B	$11.08B
14.2x	$42.51	$32.02	$21.53	$11.04	$0.56
16.2x	$50.78	$40.29	$29.80	$19.31	$8.82
18.2x	$59.05	$48.56	$38.07	$27.58	$17.09
20.2x	$67.31	$56.82	$46.34	$35.85	$25.36
22.2x	$75.58	$65.09	$54.60	$44.11	$33.62

← Overview Financial Statements ← Companies