WINA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($472.45)
DCF	$193.03	-59.1%
Graham Number	—	—
Reverse DCF	—	implied g: 22.8%
DDM	$79.10	-83.3%
EV/EBITDA	$472.45	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $35.67M

Near-term growth (yrs 1–5)(%)Rev: 7.9% / EPS: 3.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.61%

Computed WACC: 7.61%

Cost of equity (Re)7.89%(Rf 4.30% + β 0.65 × 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)96.40%

Debt weight (D/V)3.60%

Results

Intrinsic Value / share$252.52

Current Price$472.45

Upside / Downside-46.6%

Net Debt (used)$52.78M

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

WACC \ Near-term	-0.1%	3.9%	7.9%	11.9%	15.9%
7.0%	$198.62	$240.97	$290.08	$346.73	$411.78
8.0%	$159.60	$193.56	$232.89	$278.20	$330.18
9.0%	$132.62	$160.79	$193.38	$230.88	$273.85
10.0%	$112.84	$136.80	$164.46	$196.27	$232.67
11.0%	$97.74	$118.48	$142.41	$169.88	$201.30

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $11.29

Book Value / share($)Yahoo: $-15.03

Results

Graham Number requires positive EPS and positive Book Value per share. BVPS is zero or negative.

Graham Number—

Current Price$472.45

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.61%

Terminal growth rate(%)

Computed WACC: 7.61%

Cost of equity (Re)7.89%(Rf 4.30% + β 0.65 × 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)96.40%

Debt weight (D/V)3.60%

Results

Current Price$472.45

Implied Near-term FCF Growth18.0%

Historical Revenue Growth7.9%

Historical Earnings Growth3.5%

Base FCF (TTM)$35.67M

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: $3.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$79.10

Current Price$472.45

Upside / Downside-83.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $55.34M

Target EV/EBITDA multipleCurrent: 31.4×

Net Debt($B)Default: $52.78M

Results

Implied Equity Value / share$472.45

Current Price$472.45

Upside / Downside-0.0%

Implied EV$1.74B

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

Mult \ Net Debt	-$1.95B	-$947.22M	$52.78M	$1.05B	$2.05B
27.4x	$970.41	$690.44	$410.47	$130.51	$-149.46
29.4x	$1001.39	$721.43	$441.46	$161.49	$-118.47
31.4x	$1032.38	$752.41	$472.45	$192.48	$-87.48
33.4x	$1063.37	$783.40	$503.44	$223.47	$-56.50
35.4x	$1094.35	$814.39	$534.42	$254.46	$-25.51

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