VOYA-PB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.91)
DCF	$1804.31	+7444.7%
Graham Number	$100.10	+318.6%
Reverse DCF	—	implied g: -17.7%
DDM	$27.60	+15.4%
EV/EBITDA	$27.80	+16.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.51B

Near-term growth (yrs 1–5)(%)Rev: 5.0% / EPS: 48.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.53%

Computed WACC: 5.53%

Cost of equity (Re)9.21%(Rf 4.30% + β 0.89 × 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)60.03%

Debt weight (D/V)39.97%

Results

Intrinsic Value / share$4594.75

Current Price$23.91

Upside / Downside+19112.9%

Net Debt (used)$3.29B

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

WACC \ Near-term	40.1%	44.1%	48.1%	52.1%	56.1%
7.0%	$2181.63	$2509.17	$2874.81	$3281.82	$3733.60
8.0%	$1700.83	$1955.82	$2240.40	$2557.10	$2908.57
9.0%	$1372.69	$1578.19	$1807.48	$2062.60	$2345.66
10.0%	$1135.81	$1305.61	$1495.02	$1705.72	$1939.44
11.0%	$957.70	$1100.69	$1260.15	$1437.47	$1634.14

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.44

Book Value / share($)Yahoo: $52.78

Results

Graham Number$100.10

Current Price$23.91

Margin of Safety+318.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.53%

Terminal growth rate(%)

Computed WACC: 5.53%

Cost of equity (Re)9.21%(Rf 4.30% + β 0.89 × 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)60.03%

Debt weight (D/V)39.97%

Results

Current Price$23.91

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth5.0%

Historical Earnings Growth48.1%

Base FCF (TTM)$1.51B

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: $1.34

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.60

Current Price$23.91

Upside / Downside+15.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.19B

Target EV/EBITDA multipleCurrent: 6.4×

Net Debt($B)Default: $3.29B

Results

Implied Equity Value / share$27.80

Current Price$23.91

Upside / Downside+16.3%

Implied EV$7.62B

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

Mult \ Net Debt	$1.29B	$2.29B	$3.29B	$4.29B	$5.29B
2.4x	$10.13	$3.70	$-2.73	$-9.16	$-15.59
4.4x	$25.40	$18.97	$12.54	$6.11	$-0.32
6.4x	$40.66	$34.23	$27.80	$21.37	$14.94
8.4x	$55.93	$49.50	$43.07	$36.64	$30.21
10.4x	$71.20	$64.76	$58.33	$51.90	$45.47

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