VNT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.11)
DCF	$31.90	-22.4%
Graham Number	$23.35	-43.2%
Reverse DCF	—	implied g: 8.3%
DDM	$2.06	-95.0%
EV/EBITDA	$41.16	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $350.92M

Near-term growth (yrs 1–5)(%)Rev: 4.1% / EPS: 4.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.37%

Computed WACC: 8.37%

Cost of equity (Re)11.37%(Rf 4.30% + β 1.28 × 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)73.64%

Debt weight (D/V)26.36%

Results

Intrinsic Value / share$36.63

Current Price$41.11

Upside / Downside-10.9%

Net Debt (used)$1.64B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$32.28	$41.15	$51.48	$63.43	$77.19
8.0%	$24.47	$31.61	$39.91	$49.50	$60.53
9.0%	$19.06	$25.01	$31.90	$39.87	$49.02
10.0%	$15.09	$20.16	$26.04	$32.81	$40.59
11.0%	$12.05	$16.45	$21.55	$27.42	$34.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.77

Book Value / share($)Yahoo: $8.75

Results

Graham Number$23.35

Current Price$41.11

Margin of Safety-43.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.37%

Terminal growth rate(%)

Computed WACC: 8.37%

Cost of equity (Re)11.37%(Rf 4.30% + β 1.28 × 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)73.64%

Debt weight (D/V)26.36%

Results

Current Price$41.11

Implied Near-term FCF Growth6.5%

Historical Revenue Growth4.1%

Historical Earnings Growth4.3%

Base FCF (TTM)$350.92M

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: $0.10

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.06

Current Price$41.11

Upside / Downside-95.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $697.20M

Target EV/EBITDA multipleCurrent: 10.7×

Net Debt($B)Default: $1.64B

Results

Implied Equity Value / share$41.16

Current Price$41.11

Upside / Downside+0.1%

Implied EV$7.47B

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

Mult \ Net Debt	$1.64B	$1.64B	$1.64B	$1.64B	$1.64B
6.7x	$21.46	$21.46	$21.46	$21.46	$21.46
8.7x	$31.31	$31.31	$31.31	$31.31	$31.31
10.7x	$41.16	$41.16	$41.16	$41.16	$41.16
12.7x	$51.00	$51.00	$51.00	$51.00	$51.00
14.7x	$60.85	$60.85	$60.85	$60.85	$60.85

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