VOYA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($67.61)
DCF	$3024.90	+4374.0%
Graham Number	$86.43	+27.8%
Reverse DCF	—	implied g: -12.3%
DDM	$37.90	-43.9%
EV/EBITDA	$90.54	+33.9%

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: 5.25%

Computed WACC: 5.25%

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)57.02%

Debt weight (D/V)42.98%

Results

Intrinsic Value / share$8609.11

Current Price$67.61

Upside / Downside+12633.5%

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%	$3657.47	$4206.58	$4819.59	$5501.92	$6259.32
8.0%	$2851.42	$3278.90	$3756.00	$4286.94	$4876.18
9.0%	$2301.30	$2645.81	$3030.22	$3457.92	$3932.47
10.0%	$1904.17	$2188.83	$2506.39	$2859.61	$3251.45
11.0%	$1605.58	$1845.29	$2112.62	$2409.90	$2739.61

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.29

Book Value / share($)Yahoo: $52.78

Results

Graham Number$86.43

Current Price$67.61

Margin of Safety+27.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.25%

Terminal growth rate(%)

Computed WACC: 5.25%

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)57.02%

Debt weight (D/V)42.98%

Results

Current Price$67.61

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: $1.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.90

Current Price$67.61

Upside / Downside-43.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.19B

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $3.29B

Results

Implied Equity Value / share$90.54

Current Price$67.61

Upside / Downside+33.9%

Implied EV$11.69B

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

Mult \ Net Debt	$1.29B	$2.29B	$3.29B	$4.29B	$5.29B
5.8x	$60.92	$50.14	$39.36	$28.58	$17.80
7.8x	$86.51	$75.73	$64.95	$54.17	$43.39
9.8x	$112.10	$101.32	$90.54	$79.76	$68.98
11.8x	$137.69	$126.91	$116.13	$105.35	$94.57
13.8x	$163.29	$152.51	$141.73	$130.95	$120.17

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