WH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($80.50)
DCF	$41.56	-48.4%
Graham Number	$18.69	-76.8%
Reverse DCF	—	implied g: 12.2%
DDM	$33.78	-58.0%
EV/EBITDA	$80.50	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $321.00M

Near-term growth (yrs 1–5)(%)Rev: -2.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.27%

Computed WACC: 7.27%

Cost of equity (Re)8.47%(Rf 4.30% + β 0.76 × ERP 5.50%)

Cost of debt (Rd)5.63%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)70.14%

Debt weight (D/V)29.86%

Results

Intrinsic Value / share$69.09

Current Price$80.50

Upside / Downside-14.2%

Net Debt (used)$2.51B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$42.21	$57.50	$75.30	$95.89	$119.61
8.0%	$28.75	$41.06	$55.36	$71.89	$90.91
9.0%	$19.42	$29.68	$41.56	$55.29	$71.06
10.0%	$12.58	$21.32	$31.45	$43.13	$56.53
11.0%	$7.34	$14.93	$23.72	$33.84	$45.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.50

Book Value / share($)Yahoo: $6.21

Results

Graham Number$18.69

Current Price$80.50

Margin of Safety-76.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.27%

Terminal growth rate(%)

Computed WACC: 7.27%

Cost of equity (Re)8.47%(Rf 4.30% + β 0.76 × ERP 5.50%)

Cost of debt (Rd)5.63%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)70.14%

Debt weight (D/V)29.86%

Results

Current Price$80.50

Implied Near-term FCF Growth6.7%

Historical Revenue Growth-2.1%

Historical Earnings Growth—

Base FCF (TTM)$321.00M

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: $1.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$33.78

Current Price$80.50

Upside / Downside-58.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $537.00M

Target EV/EBITDA multipleCurrent: 15.9×

Net Debt($B)Default: $2.51B

Results

Implied Equity Value / share$80.50

Current Price$80.50

Upside / Downside-0.0%

Implied EV$8.56B

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

Mult \ Net Debt	$512.00M	$1.51B	$2.51B	$3.51B	$4.51B
11.9x	$78.53	$65.22	$51.92	$38.61	$25.30
13.9x	$92.82	$79.51	$66.21	$52.90	$39.59
15.9x	$107.11	$93.81	$80.50	$67.19	$53.88
17.9x	$121.40	$108.10	$94.79	$81.48	$68.18
19.9x	$135.70	$122.39	$109.08	$95.78	$82.47

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