WT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.52)
DCF	$259.54	+1381.4%
Graham Number	$7.25	-58.6%
Reverse DCF	—	implied g: 11.0%
DDM	$2.47	-85.9%
EV/EBITDA	$17.09	-2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $120.42M

Near-term growth (yrs 1–5)(%)Rev: 33.2% / EPS: 58.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.48%

Computed WACC: 7.48%

Cost of equity (Re)10.32%(Rf 4.30% + β 1.09 × ERP 5.50%)

Cost of debt (Rd)0.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)72.05%

Debt weight (D/V)27.95%

Results

Intrinsic Value / share$366.69

Current Price$17.52

Upside / Downside+1993.0%

Net Debt (used)$537.74M

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

WACC \ Near-term	50.1%	54.1%	58.1%	62.1%	66.1%
7.0%	$321.25	$366.42	$416.49	$471.87	$532.95
8.0%	$249.02	$284.05	$322.88	$365.80	$413.15
9.0%	$199.80	$227.92	$259.09	$293.54	$331.54
10.0%	$164.34	$187.48	$213.13	$241.48	$272.74
11.0%	$137.72	$157.14	$178.65	$202.42	$228.63

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.77

Book Value / share($)Yahoo: $3.03

Results

Graham Number$7.25

Current Price$17.52

Margin of Safety-58.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.48%

Terminal growth rate(%)

Computed WACC: 7.48%

Cost of equity (Re)10.32%(Rf 4.30% + β 1.09 × ERP 5.50%)

Cost of debt (Rd)0.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)72.05%

Debt weight (D/V)27.95%

Results

Current Price$17.52

Implied Near-term FCF Growth6.3%

Historical Revenue Growth33.2%

Historical Earnings Growth58.1%

Base FCF (TTM)$120.42M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$17.52

Upside / Downside-85.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $180.69M

Target EV/EBITDA multipleCurrent: 16.3×

Net Debt($B)Default: $537.74M

Results

Implied Equity Value / share$17.09

Current Price$17.52

Upside / Downside-2.5%

Implied EV$2.94B

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

Mult \ Net Debt	-$1.46B	-$462.26M	$537.74M	$1.54B	$2.54B
12.3x	$26.16	$19.06	$11.95	$4.84	$-2.26
14.3x	$28.73	$21.63	$14.52	$7.41	$0.31
16.3x	$31.30	$24.19	$17.09	$9.98	$2.87
18.3x	$33.87	$26.76	$19.66	$12.55	$5.44
20.3x	$36.44	$29.33	$22.22	$15.12	$8.01

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