VNOM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.33)
DCF	$-11770.19	-26065.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	$45.32	-0.0%
EV/EBITDA	$83.80	+84.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.59B

Near-term growth (yrs 1–5)(%)Rev: 89.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.39%

Computed WACC: 5.39%

Cost of equity (Re)6.11%(Rf 4.30% + β 0.33 × 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)88.25%

Debt weight (D/V)11.75%

Results

Intrinsic Value / share$-33013.99

Current Price$45.33

Upside / Downside-72930.3%

Net Debt (used)$2.17B

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

WACC \ Near-term	81.4%	85.4%	89.4%	93.4%	97.4%
7.0%	$-15473.08	$-17247.14	$-19180.66	$-21284.19	$-23568.69
8.0%	$-11915.79	$-13280.14	$-14767.04	$-16384.58	$-18141.20
9.0%	$-9500.31	$-10586.50	$-11770.19	$-13057.81	$-14456.07
10.0%	$-7766.40	$-8652.96	$-9619.04	$-10669.89	$-11810.96
11.0%	$-6470.68	$-7208.10	$-8011.61	$-8885.57	$-9834.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.48

Book Value / share($)Yahoo: $26.02

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$45.33

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.39%

Terminal growth rate(%)

Computed WACC: 5.39%

Cost of equity (Re)6.11%(Rf 4.30% + β 0.33 × 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)88.25%

Debt weight (D/V)11.75%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$45.33

Implied Near-term FCF Growth—

Historical Revenue Growth89.4%

Historical Earnings Growth—

Base FCF (TTM)-$1.59B

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: $2.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$45.32

Current Price$45.33

Upside / Downside-0.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.28B

Target EV/EBITDA multipleCurrent: 12.9×

Net Debt($B)Default: $2.17B

Results

Implied Equity Value / share$83.80

Current Price$45.33

Upside / Downside+84.9%

Implied EV$16.50B

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

Mult \ Net Debt	$173.00M	$1.17B	$2.17B	$3.17B	$4.17B
8.9x	$65.57	$59.72	$53.87	$48.02	$42.17
10.9x	$80.53	$74.68	$68.83	$62.98	$57.14
12.9x	$95.50	$89.65	$83.80	$77.95	$72.10
14.9x	$110.46	$104.61	$98.76	$92.91	$87.06
16.9x	$125.43	$119.58	$113.73	$107.88	$102.03

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