WMS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($168.33)
DCF	$175.96	+4.5%
Graham Number	$59.74	-64.5%
Reverse DCF	—	implied g: 13.7%
DDM	$14.83	-91.2%
EV/EBITDA	$168.62	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $466.32M

Near-term growth (yrs 1–5)(%)Rev: 0.4% / EPS: 14.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.34%

Computed WACC: 10.34%

Cost of equity (Re)11.48%(Rf 4.30% + β 1.30 × 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)90.07%

Debt weight (D/V)9.93%

Results

Intrinsic Value / share$141.86

Current Price$168.33

Upside / Downside-15.7%

Net Debt (used)$437.48M

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

WACC \ Near-term	6.4%	10.4%	14.4%	18.4%	22.4%
7.0%	$186.90	$223.43	$265.47	$313.63	$368.57
8.0%	$149.94	$179.03	$212.46	$250.74	$294.37
9.0%	$124.47	$148.43	$175.96	$207.44	$243.29
10.0%	$105.87	$126.11	$149.33	$175.87	$206.07
11.0%	$91.72	$109.14	$129.10	$151.89	$177.80

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.01

Book Value / share($)Yahoo: $26.39

Results

Graham Number$59.74

Current Price$168.33

Margin of Safety-64.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.34%

Terminal growth rate(%)

Computed WACC: 10.34%

Cost of equity (Re)11.48%(Rf 4.30% + β 1.30 × 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)90.07%

Debt weight (D/V)9.93%

Results

Current Price$168.33

Implied Near-term FCF Growth17.4%

Historical Revenue Growth0.4%

Historical Earnings Growth14.4%

Base FCF (TTM)$466.32M

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: $0.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.83

Current Price$168.33

Upside / Downside-91.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $900.11M

Target EV/EBITDA multipleCurrent: 15.1×

Net Debt($B)Default: $437.48M

Results

Implied Equity Value / share$168.62

Current Price$168.33

Upside / Downside+0.2%

Implied EV$13.57B

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

Mult \ Net Debt	-$1.56B	-$562.52M	$437.48M	$1.44B	$2.44B
11.1x	$148.07	$135.23	$122.39	$109.56	$96.72
13.1x	$171.18	$158.34	$145.51	$132.67	$119.83
15.1x	$194.29	$181.45	$168.62	$155.78	$142.94
17.1x	$217.40	$204.56	$191.73	$178.89	$166.05
19.1x	$240.51	$227.67	$214.84	$202.00	$189.16

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