VSEC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($221.95)
DCF	$491.85	+121.6%
Graham Number	$64.64	-70.9%
Reverse DCF	—	implied g: 18.5%
DDM	$8.24	-96.3%
EV/EBITDA	$222.04	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $169.52M

Near-term growth (yrs 1–5)(%)Rev: 32.4% / EPS: -7.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.13%

Computed WACC: 11.13%

Cost of equity (Re)11.75%(Rf 4.30% + β 1.35 × 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)94.76%

Debt weight (D/V)5.24%

Results

Intrinsic Value / share$342.20

Current Price$221.95

Upside / Downside+54.2%

Net Debt (used)$274.00M

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

WACC \ Near-term	24.4%	28.4%	32.4%	36.4%	40.4%
7.0%	$564.63	$660.18	$768.20	$889.89	$1026.51
8.0%	$444.42	$519.42	$604.16	$699.60	$806.71
9.0%	$362.09	$423.02	$491.85	$569.33	$656.25
10.0%	$302.42	$353.18	$410.49	$474.97	$547.28
11.0%	$257.37	$300.46	$349.08	$403.77	$465.07

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.02

Book Value / share($)Yahoo: $61.49

Results

Graham Number$64.64

Current Price$221.95

Margin of Safety-70.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.13%

Terminal growth rate(%)

Computed WACC: 11.13%

Cost of equity (Re)11.75%(Rf 4.30% + β 1.35 × 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)94.76%

Debt weight (D/V)5.24%

Results

Current Price$221.95

Implied Near-term FCF Growth24.5%

Historical Revenue Growth32.4%

Historical Earnings Growth-7.0%

Base FCF (TTM)$169.52M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$221.95

Upside / Downside-96.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $164.92M

Target EV/EBITDA multipleCurrent: 39.3×

Net Debt($B)Default: $274.00M

Results

Implied Equity Value / share$222.04

Current Price$221.95

Upside / Downside+0.0%

Implied EV$6.49B

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

Mult \ Net Debt	-$1.73B	-$726.00M	$274.00M	$1.27B	$2.27B
35.3x	$269.94	$234.20	$198.46	$162.72	$126.98
37.3x	$281.73	$245.99	$210.25	$174.51	$138.77
39.3x	$293.52	$257.78	$222.04	$186.30	$150.56
41.3x	$305.30	$269.57	$233.83	$198.09	$162.35
43.3x	$317.09	$281.35	$245.61	$209.87	$174.13

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