WOR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($56.27)
DCF	$17.10	-69.6%
Graham Number	$9.58	-83.0%
Reverse DCF	—	implied g: 39.1%
DDM	$15.66	-72.2%
EV/EBITDA	$56.28	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $24.96M

Near-term growth (yrs 1–5)(%)Rev: 19.5% / EPS: -1.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.83%

Computed WACC: 9.83%

Cost of equity (Re)10.98%(Rf 4.30% + β 1.21 × ERP 5.50%)

Cost of debt (Rd)0.69%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.99%

Debt weight (D/V)11.01%

Results

Intrinsic Value / share$14.50

Current Price$56.27

Upside / Downside-74.2%

Net Debt (used)$165.38M

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

WACC \ Near-term	11.5%	15.5%	19.5%	23.5%	27.5%
7.0%	$18.91	$22.98	$27.63	$32.94	$38.97
8.0%	$14.50	$17.73	$21.41	$25.61	$30.38
9.0%	$11.47	$14.12	$17.14	$20.58	$24.48
10.0%	$9.27	$11.49	$14.03	$16.92	$20.19
11.0%	$7.59	$9.50	$11.67	$14.14	$16.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.21

Book Value / share($)Yahoo: $19.43

Results

Graham Number$9.58

Current Price$56.27

Margin of Safety-83.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.83%

Terminal growth rate(%)

Computed WACC: 9.83%

Cost of equity (Re)10.98%(Rf 4.30% + β 1.21 × ERP 5.50%)

Cost of debt (Rd)0.69%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.99%

Debt weight (D/V)11.01%

Results

Current Price$56.27

Implied Near-term FCF Growth42.1%

Historical Revenue Growth19.5%

Historical Earnings Growth-1.8%

Base FCF (TTM)$24.96M

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: $0.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.66

Current Price$56.27

Upside / Downside-72.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $125.00M

Target EV/EBITDA multipleCurrent: 23.6×

Net Debt($B)Default: $165.38M

Results

Implied Equity Value / share$56.28

Current Price$56.27

Upside / Downside+0.0%

Implied EV$2.95B

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

Mult \ Net Debt	-$1.83B	-$834.62M	$165.38M	$1.17B	$2.17B
19.6x	$86.55	$66.37	$46.19	$26.00	$5.82
21.6x	$91.60	$71.42	$51.23	$31.05	$10.87
23.6x	$96.65	$76.46	$56.28	$36.10	$15.91
25.6x	$101.69	$81.51	$61.33	$41.14	$20.96
27.6x	$106.74	$86.55	$66.37	$46.19	$26.01

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