WS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($42.13)
DCF	$-15.95	-137.9%
Graham Number	$35.29	-16.2%
Reverse DCF	—	—
DDM	$13.18	-68.7%
EV/EBITDA	$46.65	+10.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$3.33M

Near-term growth (yrs 1–5)(%)Rev: 18.0% / EPS: 48.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.22%

Computed WACC: 12.22%

Cost of equity (Re)13.33%(Rf 4.30% + β 1.64 × ERP 5.50%)

Cost of debt (Rd)4.74%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.48%

Debt weight (D/V)11.52%

Results

Intrinsic Value / share$-10.84

Current Price$42.13

Upside / Downside-125.7%

Net Debt (used)$189.00M

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

WACC \ Near-term	40.0%	44.0%	48.0%	52.0%	56.0%
7.0%	$-18.45	$-20.64	$-23.09	$-25.81	$-28.84
8.0%	$-15.24	$-16.94	$-18.85	$-20.97	$-23.32
9.0%	$-13.04	$-14.42	$-15.95	$-17.66	$-19.56
10.0%	$-11.46	$-12.60	$-13.86	$-15.27	$-16.84
11.0%	$-10.27	$-11.23	$-12.29	$-13.48	$-14.80

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.47

Book Value / share($)Yahoo: $22.41

Results

Graham Number$35.29

Current Price$42.13

Margin of Safety-16.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.22%

Terminal growth rate(%)

Computed WACC: 12.22%

Cost of equity (Re)13.33%(Rf 4.30% + β 1.64 × ERP 5.50%)

Cost of debt (Rd)4.74%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.48%

Debt weight (D/V)11.52%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$42.13

Implied Near-term FCF Growth—

Historical Revenue Growth18.0%

Historical Earnings Growth48.0%

Base FCF (TTM)-$3.33M

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: $0.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.18

Current Price$42.13

Upside / Downside-68.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $244.90M

Target EV/EBITDA multipleCurrent: 10.4×

Net Debt($B)Default: $189.00M

Results

Implied Equity Value / share$46.65

Current Price$42.13

Upside / Downside+10.7%

Implied EV$2.56B

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

Mult \ Net Debt	-$1.81B	-$811.00M	$189.00M	$1.19B	$2.19B
6.4x	$66.74	$47.05	$27.37	$7.69	$-11.99
8.4x	$76.38	$56.69	$37.01	$17.33	$-2.35
10.4x	$86.02	$66.34	$46.65	$26.97	$7.29
12.4x	$95.66	$75.98	$56.29	$36.61	$16.93
14.4x	$105.30	$85.62	$65.93	$46.25	$26.57

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