WING — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($240.20)
DCF	$43.35	-82.0%
Graham Number	—	—
Reverse DCF	—	implied g: 30.2%
DDM	$24.72	-89.7%
EV/EBITDA	$240.20	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $104.51M

Near-term growth (yrs 1–5)(%)Rev: 8.6% / EPS: 4.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.00%

Computed WACC: 12.00%

Cost of equity (Re)14.28%(Rf 4.30% + β 1.81 × 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)84.01%

Debt weight (D/V)15.99%

Results

Intrinsic Value / share$16.14

Current Price$240.20

Upside / Downside-93.3%

Net Debt (used)$1.07B

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

WACC \ Near-term	0.6%	4.6%	8.6%	12.6%	16.6%
7.0%	$45.73	$62.48	$81.89	$104.25	$129.92
8.0%	$30.14	$43.56	$59.09	$76.97	$97.47
9.0%	$19.36	$30.49	$43.35	$58.13	$75.07
10.0%	$11.47	$20.92	$31.83	$44.36	$58.70
11.0%	$5.44	$13.62	$23.05	$33.87	$46.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.22

Book Value / share($)Yahoo: $-26.81

Results

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

Graham Number—

Current Price$240.20

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.00%

Terminal growth rate(%)

Computed WACC: 12.00%

Cost of equity (Re)14.28%(Rf 4.30% + β 1.81 × 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)84.01%

Debt weight (D/V)15.99%

Results

Current Price$240.20

Implied Near-term FCF Growth39.4%

Historical Revenue Growth8.6%

Historical Earnings Growth4.7%

Base FCF (TTM)$104.51M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$240.20

Upside / Downside-89.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $217.23M

Target EV/EBITDA multipleCurrent: 35.3×

Net Debt($B)Default: $1.07B

Results

Implied Equity Value / share$240.20

Current Price$240.20

Upside / Downside-0.0%

Implied EV$7.68B

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

Mult \ Net Debt	$1.07B	$1.07B	$1.07B	$1.07B	$1.07B
31.3x	$208.58	$208.58	$208.58	$208.58	$208.58
33.3x	$224.39	$224.39	$224.39	$224.39	$224.39
35.3x	$240.20	$240.20	$240.20	$240.20	$240.20
37.3x	$256.01	$256.01	$256.01	$256.01	$256.01
39.3x	$271.81	$271.81	$271.81	$271.81	$271.81

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