WST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($251.25)
DCF	$83.75	-66.7%
Graham Number	$82.09	-67.3%
Reverse DCF	—	implied g: 27.8%
DDM	$18.13	-92.8%
EV/EBITDA	$254.34	+1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $273.88M

Near-term growth (yrs 1–5)(%)Rev: 7.5% / EPS: 2.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.76%

Computed WACC: 10.76%

Cost of equity (Re)10.84%(Rf 4.30% + β 1.19 × ERP 5.50%)

Cost of debt (Rd)7.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.23%

Debt weight (D/V)1.77%

Results

Intrinsic Value / share$66.77

Current Price$251.25

Upside / Downside-73.4%

Net Debt (used)-$465.10M

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

WACC \ Near-term	-0.5%	3.5%	7.5%	11.5%	15.5%
7.0%	$85.65	$101.41	$119.69	$140.79	$165.03
8.0%	$71.22	$83.87	$98.51	$115.40	$134.77
9.0%	$61.24	$71.74	$83.88	$97.86	$113.88
10.0%	$53.93	$62.85	$73.16	$85.03	$98.61
11.0%	$48.34	$56.07	$64.99	$75.24	$86.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.79

Book Value / share($)Yahoo: $44.11

Results

Graham Number$82.09

Current Price$251.25

Margin of Safety-67.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.76%

Terminal growth rate(%)

Computed WACC: 10.76%

Cost of equity (Re)10.84%(Rf 4.30% + β 1.19 × ERP 5.50%)

Cost of debt (Rd)7.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.23%

Debt weight (D/V)1.77%

Results

Current Price$251.25

Implied Near-term FCF Growth33.3%

Historical Revenue Growth7.5%

Historical Earnings Growth2.1%

Base FCF (TTM)$273.88M

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: $0.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.13

Current Price$251.25

Upside / Downside-92.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $810.10M

Target EV/EBITDA multipleCurrent: 22.0×

Net Debt($B)Default: -$465.10M

Results

Implied Equity Value / share$254.34

Current Price$251.25

Upside / Downside+1.2%

Implied EV$17.85B

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

Mult \ Net Debt	-$2.47B	-$1.47B	-$465.10M	$534.90M	$1.53B
18.0x	$237.12	$223.23	$209.35	$195.47	$181.58
20.0x	$259.62	$245.73	$231.85	$217.96	$204.08
22.0x	$282.11	$268.23	$254.34	$240.46	$226.57
24.0x	$304.61	$290.72	$276.84	$262.95	$249.07
26.0x	$327.10	$313.22	$299.33	$285.45	$271.56

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