WEN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.44)
DCF	$-4.41	-159.2%
Graham Number	$3.44	-53.8%
Reverse DCF	—	implied g: 14.6%
DDM	$11.54	+55.1%
EV/EBITDA	$7.44	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $171.18M

Near-term growth (yrs 1–5)(%)Rev: -5.5% / EPS: -40.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.63%

Computed WACC: 1.63%

Cost of equity (Re)6.38%(Rf 4.30% + β 0.38 × 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)25.47%

Debt weight (D/V)74.53%

Results

Intrinsic Value / share—

Current Price$7.44

Upside / Downside—

Net Debt (used)$3.84B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-4.27	$-1.05	$2.69	$7.03	$12.02
8.0%	$-7.10	$-4.51	$-1.50	$1.98	$5.98
9.0%	$-9.07	$-6.91	$-4.41	$-1.52	$1.80
10.0%	$-10.51	$-8.67	$-6.54	$-4.08	$-1.26
11.0%	$-11.61	$-10.01	$-8.16	$-6.03	$-3.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.85

Book Value / share($)Yahoo: $0.62

Results

Graham Number$3.44

Current Price$7.44

Margin of Safety-53.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.63%

Terminal growth rate(%)

Computed WACC: 1.63%

Cost of equity (Re)6.38%(Rf 4.30% + β 0.38 × 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)25.47%

Debt weight (D/V)74.53%

Results

Current Price$7.44

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-5.5%

Historical Earnings Growth-40.7%

Base FCF (TTM)$171.18M

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$7.44

Upside / Downside+55.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $491.40M

Target EV/EBITDA multipleCurrent: 10.7×

Net Debt($B)Default: $3.84B

Results

Implied Equity Value / share$7.44

Current Price$7.44

Upside / Downside-0.0%

Implied EV$5.26B

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

Mult \ Net Debt	$1.84B	$2.84B	$3.84B	$4.84B	$5.84B
6.7x	$7.62	$2.37	$-2.89	$-8.14	$-13.39
8.7x	$12.78	$7.53	$2.28	$-2.98	$-8.23
10.7x	$17.95	$12.69	$7.44	$2.19	$-3.07
12.7x	$23.11	$17.86	$12.60	$7.35	$2.10
14.7x	$28.27	$23.02	$17.77	$12.51	$7.26

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