WSC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.77)
DCF	$15.17	-30.3%
Graham Number	$11.34	-47.9%
Reverse DCF	—	implied g: 7.8%
DDM	$5.77	-73.5%
EV/EBITDA	$21.48	-1.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $378.83M

Near-term growth (yrs 1–5)(%)Rev: -6.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.22%

Computed WACC: 5.22%

Cost of equity (Re)10.37%(Rf 4.30% + β 1.10 × 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)50.37%

Debt weight (D/V)49.63%

Results

Intrinsic Value / share$66.61

Current Price$21.77

Upside / Downside+206.0%

Net Debt (used)$3.89B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$15.48	$22.94	$31.61	$41.65	$53.21
8.0%	$8.92	$14.92	$21.90	$29.95	$39.22
9.0%	$4.38	$9.37	$15.17	$21.86	$29.55
10.0%	$1.04	$5.30	$10.24	$15.93	$22.46
11.0%	$-1.51	$2.19	$6.47	$11.40	$17.06

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.21

Book Value / share($)Yahoo: $4.73

Results

Graham Number$11.34

Current Price$21.77

Margin of Safety-47.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.22%

Terminal growth rate(%)

Computed WACC: 5.22%

Cost of equity (Re)10.37%(Rf 4.30% + β 1.10 × 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)50.37%

Debt weight (D/V)49.63%

Results

Current Price$21.77

Implied Near-term FCF Growth-5.6%

Historical Revenue Growth-6.1%

Historical Earnings Growth—

Base FCF (TTM)$378.83M

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: $0.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.77

Current Price$21.77

Upside / Downside-73.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $600.88M

Target EV/EBITDA multipleCurrent: 13.0×

Net Debt($B)Default: $3.89B

Results

Implied Equity Value / share$21.48

Current Price$21.77

Upside / Downside-1.3%

Implied EV$7.80B

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

Mult \ Net Debt	$1.89B	$2.89B	$3.89B	$4.89B	$5.89B
9.0x	$19.26	$13.76	$8.27	$2.77	$-2.72
11.0x	$25.87	$20.37	$14.87	$9.38	$3.88
13.0x	$32.47	$26.98	$21.48	$15.98	$10.49
15.0x	$39.08	$33.58	$28.08	$22.59	$17.09
17.0x	$45.68	$40.19	$34.69	$29.19	$23.70

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