VRE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.85)
DCF	$5.31	-71.8%
Graham Number	$14.52	-23.0%
Reverse DCF	—	implied g: 14.0%
DDM	$6.59	-65.0%
EV/EBITDA	$20.16	+6.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $105.37M

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.13%

Computed WACC: 8.13%

Cost of equity (Re)10.87%(Rf 4.30% + β 1.19 × ERP 5.50%)

Cost of debt (Rd)5.84%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)56.29%

Debt weight (D/V)43.71%

Results

Intrinsic Value / share$8.40

Current Price$18.85

Upside / Downside-55.4%

Net Debt (used)$1.35B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$5.48	$9.52	$14.21	$19.65	$25.91
8.0%	$1.93	$5.18	$8.95	$13.31	$18.33
9.0%	$-0.53	$2.17	$5.31	$8.93	$13.09
10.0%	$-2.34	$-0.03	$2.64	$5.72	$9.26
11.0%	$-3.72	$-1.72	$0.60	$3.27	$6.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.76

Book Value / share($)Yahoo: $12.34

Results

Graham Number$14.52

Current Price$18.85

Margin of Safety-23.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.13%

Terminal growth rate(%)

Computed WACC: 8.13%

Cost of equity (Re)10.87%(Rf 4.30% + β 1.19 × ERP 5.50%)

Cost of debt (Rd)5.84%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)56.29%

Debt weight (D/V)43.71%

Results

Current Price$18.85

Implied Near-term FCF Growth11.3%

Historical Revenue Growth4.6%

Historical Earnings Growth—

Base FCF (TTM)$105.37M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$18.85

Upside / Downside-65.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $144.23M

Target EV/EBITDA multipleCurrent: 22.4×

Net Debt($B)Default: $1.35B

Results

Implied Equity Value / share$20.16

Current Price$18.85

Upside / Downside+6.9%

Implied EV$3.24B

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

Mult \ Net Debt	$1.35B	$1.35B	$1.35B	$1.35B	$1.35B
18.4x	$13.98	$13.98	$13.98	$13.98	$13.98
20.4x	$17.07	$17.07	$17.07	$17.07	$17.07
22.4x	$20.16	$20.16	$20.16	$20.16	$20.16
24.4x	$23.24	$23.24	$23.24	$23.24	$23.24
26.4x	$26.33	$26.33	$26.33	$26.33	$26.33

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