WTM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2220.51)
DCF	$1063864670.27	+47910725.5%
Graham Number	$4632.34	+108.6%
Reverse DCF	—	implied g: -20.0%
DDM	$20.60	-99.1%
EV/EBITDA	$2514.15	+13.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.29B

Near-term growth (yrs 1–5)(%)Rev: 348.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.57%

Computed WACC: 6.57%

Cost of equity (Re)6.20%(Rf 4.30% + β 0.34 × ERP 5.50%)

Cost of debt (Rd)11.20%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)86.04%

Debt weight (D/V)13.96%

Results

Intrinsic Value / share$2051243698.39

Current Price$2220.51

Upside / Downside+92377043.0%

Net Debt (used)-$1.17B

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

WACC \ Near-term	340.0%	344.0%	348.0%	352.0%	356.0%
7.0%	$1639249705.88	$1715125758.69	$1793785834.31	$1875305852.72	$1959763101.73
8.0%	$1240877287.24	$1298313337.71	$1357856800.00	$1419565142.61	$1483496869.44
9.0%	$972213435.79	$1017213500.88	$1063864670.27	$1112211968.78	$1162301232.44
10.0%	$780801622.94	$816941583.70	$854407549.86	$893235680.70	$933462786.94
11.0%	$638921854.07	$668494473.63	$699152127.28	$730924402.93	$763841421.55

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $430.11

Book Value / share($)Yahoo: $2217.38

Results

Graham Number$4632.34

Current Price$2220.51

Margin of Safety+108.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.57%

Terminal growth rate(%)

Computed WACC: 6.57%

Cost of equity (Re)6.20%(Rf 4.30% + β 0.34 × ERP 5.50%)

Cost of debt (Rd)11.20%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)86.04%

Debt weight (D/V)13.96%

Results

Current Price$2220.51

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth348.0%

Historical Earnings Growth—

Base FCF (TTM)$1.29B

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$2220.51

Upside / Downside-99.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.60B

Target EV/EBITDA multipleCurrent: 3.2×

Net Debt($B)Default: -$1.17B

Results

Implied Equity Value / share$2514.15

Current Price$2220.51

Upside / Downside+13.2%

Implied EV$5.06B

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

Mult \ Net Debt	-$1.17B	-$1.17B	-$1.17B	-$1.17B	-$1.17B
-0.8x	$-64.73	$-64.73	$-64.73	$-64.73	$-64.73
1.2x	$1224.71	$1224.71	$1224.71	$1224.71	$1224.71
3.2x	$2514.15	$2514.15	$2514.15	$2514.15	$2514.15
5.2x	$3803.59	$3803.59	$3803.59	$3803.59	$3803.59
7.2x	$5093.04	$5093.04	$5093.04	$5093.04	$5093.04

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