WSR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.02)
DCF	$119.03	+692.5%
Graham Number	$13.17	-12.3%
Reverse DCF	—	implied g: -0.1%
DDM	$11.74	-21.8%
EV/EBITDA	$15.39	+2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $108.23M

Near-term growth (yrs 1–5)(%)Rev: 7.5% / EPS: 27.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.66%

Computed WACC: 4.66%

Cost of equity (Re)8.54%(Rf 4.30% + β 0.77 × 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)54.60%

Debt weight (D/V)45.40%

Results

Intrinsic Value / share$443.82

Current Price$15.02

Upside / Downside+2854.9%

Net Debt (used)$640.32M

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

WACC \ Near-term	19.1%	23.1%	27.1%	31.1%	35.1%
7.0%	$135.37	$160.96	$190.02	$222.91	$260.00
8.0%	$105.02	$125.17	$148.05	$173.93	$203.10
9.0%	$84.19	$100.62	$119.26	$140.34	$164.09
10.0%	$69.07	$82.81	$98.38	$115.98	$135.80
11.0%	$57.64	$69.34	$82.59	$97.56	$114.41

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.86

Book Value / share($)Yahoo: $8.97

Results

Graham Number$13.17

Current Price$15.02

Margin of Safety-12.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.66%

Terminal growth rate(%)

Computed WACC: 4.66%

Cost of equity (Re)8.54%(Rf 4.30% + β 0.77 × 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)54.60%

Debt weight (D/V)45.40%

Results

Current Price$15.02

Implied Near-term FCF Growth-15.1%

Historical Revenue Growth7.5%

Historical Earnings Growth27.1%

Base FCF (TTM)$108.23M

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: $0.57

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.74

Current Price$15.02

Upside / Downside-21.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $89.60M

Target EV/EBITDA multipleCurrent: 15.9×

Net Debt($B)Default: $640.32M

Results

Implied Equity Value / share$15.39

Current Price$15.02

Upside / Downside+2.5%

Implied EV$1.43B

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

Mult \ Net Debt	-$1.36B	-$359.68M	$640.32M	$1.64B	$2.64B
11.9x	$47.57	$27.97	$8.37	$-11.23	$-30.83
13.9x	$51.08	$31.48	$11.88	$-7.72	$-27.32
15.9x	$54.59	$34.99	$15.39	$-4.21	$-23.81
17.9x	$58.11	$38.51	$18.91	$-0.69	$-20.29
19.9x	$61.62	$42.02	$22.42	$2.82	$-16.78

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