WELL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($207.12)
DCF	$411.01	+98.4%
Graham Number	$44.12	-78.7%
Reverse DCF	—	implied g: 29.4%
DDM	$60.98	-70.6%
EV/EBITDA	$208.66	+0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.29B

Near-term growth (yrs 1–5)(%)Rev: 41.3% / EPS: -26.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.73%

Computed WACC: 7.73%

Cost of equity (Re)8.88%(Rf 4.30% + β 0.83 × 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)87.11%

Debt weight (D/V)12.89%

Results

Intrinsic Value / share$544.73

Current Price$207.12

Upside / Downside+163.0%

Net Debt (used)$16.35B

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

WACC \ Near-term	33.3%	37.3%	41.3%	45.3%	49.3%
7.0%	$488.39	$568.21	$657.79	$757.98	$869.72
8.0%	$378.45	$440.79	$510.73	$588.94	$676.14
9.0%	$303.31	$353.72	$410.25	$473.45	$543.89
10.0%	$248.99	$290.78	$337.62	$389.98	$448.32
11.0%	$208.08	$243.38	$282.94	$327.14	$376.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.43

Book Value / share($)Yahoo: $60.49

Results

Graham Number$44.12

Current Price$207.12

Margin of Safety-78.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.73%

Terminal growth rate(%)

Computed WACC: 7.73%

Cost of equity (Re)8.88%(Rf 4.30% + β 0.83 × 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)87.11%

Debt weight (D/V)12.89%

Results

Current Price$207.12

Implied Near-term FCF Growth24.8%

Historical Revenue Growth41.3%

Historical Earnings Growth-26.3%

Base FCF (TTM)$2.29B

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: $2.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$60.98

Current Price$207.12

Upside / Downside-70.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.66B

Target EV/EBITDA multipleCurrent: 60.8×

Net Debt($B)Default: $16.35B

Results

Implied Equity Value / share$208.66

Current Price$207.12

Upside / Downside+0.7%

Implied EV$161.94B

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

Mult \ Net Debt	$8.35B	$12.35B	$16.35B	$20.35B	$24.35B
56.8x	$204.85	$199.12	$193.38	$187.65	$181.92
58.8x	$212.49	$206.75	$201.02	$195.29	$189.55
60.8x	$220.12	$214.39	$208.66	$202.92	$197.19
62.8x	$227.76	$222.03	$216.30	$210.56	$204.83
64.8x	$235.40	$229.67	$223.93	$218.20	$212.47

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