VST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($163.36)
DCF	$-108.07	-166.2%
Graham Number	$22.02	-86.5%
Reverse DCF	—	—
DDM	$18.75	-88.5%
EV/EBITDA	$169.80	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$586.75M

Near-term growth (yrs 1–5)(%)Rev: 13.6% / EPS: -52.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.97%

Computed WACC: 8.97%

Cost of equity (Re)12.28%(Rf 4.30% + β 1.45 × 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)73.05%

Debt weight (D/V)26.95%

Results

Intrinsic Value / share$-108.33

Current Price$163.36

Upside / Downside-166.3%

Net Debt (used)$19.62B

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

WACC \ Near-term	5.6%	9.6%	13.6%	17.6%	21.6%
7.0%	$-110.88	$-120.99	$-132.64	$-145.99	$-161.23
8.0%	$-100.77	$-108.82	$-118.09	$-128.71	$-140.82
9.0%	$-93.79	$-100.44	$-108.07	$-116.81	$-126.77
10.0%	$-88.70	$-94.32	$-100.76	$-108.13	$-116.53
11.0%	$-84.82	$-89.66	$-95.20	$-101.54	$-108.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.78

Book Value / share($)Yahoo: $7.75

Results

Graham Number$22.02

Current Price$163.36

Margin of Safety-86.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.97%

Terminal growth rate(%)

Computed WACC: 8.97%

Cost of equity (Re)12.28%(Rf 4.30% + β 1.45 × 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)73.05%

Debt weight (D/V)26.95%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$163.36

Implied Near-term FCF Growth—

Historical Revenue Growth13.6%

Historical Earnings Growth-52.3%

Base FCF (TTM)-$586.75M

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: $0.91

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.75

Current Price$163.36

Upside / Downside-88.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.02B

Target EV/EBITDA multipleCurrent: 15.4×

Net Debt($B)Default: $19.62B

Results

Implied Equity Value / share$169.80

Current Price$163.36

Upside / Downside+3.9%

Implied EV$77.15B

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

Mult \ Net Debt	$9.62B	$14.62B	$19.62B	$24.62B	$29.62B
11.4x	$140.00	$125.24	$110.49	$95.73	$80.97
13.4x	$169.66	$154.90	$140.14	$125.38	$110.63
15.4x	$199.31	$184.55	$169.80	$155.04	$140.28
17.4x	$228.97	$214.21	$199.45	$184.70	$169.94
19.4x	$258.62	$243.86	$229.11	$214.35	$199.59

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