WMK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($66.59)
DCF	$-19.19	-128.8%
Graham Number	$68.13	+2.3%
Reverse DCF	—	—
DDM	$28.02	-57.9%
EV/EBITDA	$66.59	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$27.19M

Near-term growth (yrs 1–5)(%)Rev: 4.4% / EPS: -23.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.13%

Computed WACC: 6.13%

Cost of equity (Re)6.78%(Rf 4.30% + β 0.45 × ERP 5.50%)

Cost of debt (Rd)0.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)90.39%

Debt weight (D/V)9.61%

Results

Intrinsic Value / share$-34.63

Current Price$66.59

Upside / Downside-152.0%

Net Debt (used)-$2.38M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-19.36	$-23.29	$-27.87	$-33.17	$-39.27
8.0%	$-15.90	$-19.06	$-22.74	$-26.99	$-31.88
9.0%	$-13.50	$-16.13	$-19.19	$-22.72	$-26.78
10.0%	$-11.74	$-13.99	$-16.59	$-19.59	$-23.04
11.0%	$-10.39	$-12.34	$-14.60	$-17.21	$-20.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.80

Book Value / share($)Yahoo: $54.29

Results

Graham Number$68.13

Current Price$66.59

Margin of Safety+2.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.13%

Terminal growth rate(%)

Computed WACC: 6.13%

Cost of equity (Re)6.78%(Rf 4.30% + β 0.45 × ERP 5.50%)

Cost of debt (Rd)0.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)90.39%

Debt weight (D/V)9.61%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$66.59

Implied Near-term FCF Growth—

Historical Revenue Growth4.4%

Historical Earnings Growth-23.3%

Base FCF (TTM)-$27.19M

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: $1.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.02

Current Price$66.59

Upside / Downside-57.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $241.58M

Target EV/EBITDA multipleCurrent: 6.8×

Net Debt($B)Default: -$2.38M

Results

Implied Equity Value / share$66.59

Current Price$66.59

Upside / Downside+0.0%

Implied EV$1.65B

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

Mult \ Net Debt	-$2.00B	-$1.00B	-$2.38M	$997.62M	$2.00B
2.8x	$108.37	$67.95	$27.54	$-12.87	$-53.29
4.8x	$127.89	$87.48	$47.07	$6.65	$-33.76
6.8x	$147.42	$107.00	$66.59	$26.18	$-14.23
8.8x	$166.94	$126.53	$86.12	$45.70	$5.29
10.8x	$186.47	$146.06	$105.64	$65.23	$24.82

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