WEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($158.00)
DCF	$6730.21	+4159.6%
Graham Number	$85.23	-46.1%
Reverse DCF	—	implied g: -17.7%
DDM	—	—
EV/EBITDA	$157.99	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.10B

Near-term growth (yrs 1–5)(%)Rev: 5.7% / EPS: 50.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.05%

Computed WACC: 5.05%

Cost of equity (Re)9.63%(Rf 4.30% + β 0.97 × 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)52.41%

Debt weight (D/V)47.59%

Results

Intrinsic Value / share$20701.61

Current Price$158.00

Upside / Downside+13002.3%

Net Debt (used)-$316.80M

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

WACC \ Near-term	42.3%	46.3%	50.3%	54.3%	58.3%
7.0%	$8139.70	$9330.35	$10657.42	$12132.35	$13767.20
8.0%	$6357.76	$7283.87	$8315.86	$9462.60	$10733.43
9.0%	$5142.03	$5887.77	$6718.57	$7641.55	$8664.22
10.0%	$4264.76	$4880.42	$5566.15	$6327.80	$7171.54
11.0%	$3605.45	$4123.44	$4700.24	$5340.74	$6050.13

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.97

Book Value / share($)Yahoo: $35.99

Results

Graham Number$85.23

Current Price$158.00

Margin of Safety-46.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.05%

Terminal growth rate(%)

Computed WACC: 5.05%

Cost of equity (Re)9.63%(Rf 4.30% + β 0.97 × 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)52.41%

Debt weight (D/V)47.59%

Results

Current Price$158.00

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth5.7%

Historical Earnings Growth50.3%

Base FCF (TTM)$1.10B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$158.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $874.40M

Target EV/EBITDA multipleCurrent: 5.8×

Net Debt($B)Default: -$316.80M

Results

Implied Equity Value / share$157.99

Current Price$158.00

Upside / Downside-0.0%

Implied EV$5.10B

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

Mult \ Net Debt	-$2.32B	-$1.32B	-$316.80M	$683.20M	$1.68B
1.8x	$114.34	$85.19	$56.05	$26.90	$-2.24
3.8x	$165.31	$136.16	$107.02	$77.87	$48.73
5.8x	$216.28	$187.13	$157.99	$128.84	$99.70
7.8x	$267.25	$238.10	$208.96	$179.81	$150.67
9.8x	$318.22	$289.07	$259.93	$230.78	$201.64

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