WWD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($402.56)
DCF	$999.15	+148.2%
Graham Number	$87.88	-78.2%
Reverse DCF	—	implied g: 35.3%
DDM	$26.37	-93.4%
EV/EBITDA	$402.56	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $252.78M

Near-term growth (yrs 1–5)(%)Rev: 29.0% / EPS: 52.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.46%

Computed WACC: 9.46%

Cost of equity (Re)9.60%(Rf 4.30% + β 0.96 × ERP 5.50%)

Cost of debt (Rd)7.40%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.26%

Debt weight (D/V)3.74%

Results

Intrinsic Value / share$912.48

Current Price$402.56

Upside / Downside+126.7%

Net Debt (used)$483.87M

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

WACC \ Near-term	44.8%	48.8%	52.8%	56.8%	60.8%
7.0%	$1220.80	$1397.73	$1594.58	$1813.00	$2054.72
8.0%	$950.15	$1087.62	$1240.55	$1410.20	$1597.91
9.0%	$765.58	$876.16	$999.15	$1135.56	$1286.46
10.0%	$632.45	$723.65	$825.06	$937.51	$1061.90
11.0%	$532.46	$609.11	$694.32	$788.80	$893.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.93

Book Value / share($)Yahoo: $43.28

Results

Graham Number$87.88

Current Price$402.56

Margin of Safety-78.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.46%

Terminal growth rate(%)

Computed WACC: 9.46%

Cost of equity (Re)9.60%(Rf 4.30% + β 0.96 × ERP 5.50%)

Cost of debt (Rd)7.40%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.26%

Debt weight (D/V)3.74%

Results

Current Price$402.56

Implied Near-term FCF Growth36.9%

Historical Revenue Growth29.0%

Historical Earnings Growth52.8%

Base FCF (TTM)$252.78M

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$402.56

Upside / Downside-93.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $676.03M

Target EV/EBITDA multipleCurrent: 36.2×

Net Debt($B)Default: $483.87M

Results

Implied Equity Value / share$402.56

Current Price$402.56

Upside / Downside+0.0%

Implied EV$24.48B

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

Mult \ Net Debt	-$1.52B	-$516.13M	$483.87M	$1.48B	$2.48B
32.2x	$390.75	$373.98	$357.20	$340.43	$323.66
34.2x	$413.43	$396.66	$379.88	$363.11	$346.34
36.2x	$436.11	$419.34	$402.56	$385.79	$369.02
38.2x	$458.79	$442.02	$425.24	$408.47	$391.69
40.2x	$481.47	$464.70	$447.92	$431.15	$414.37

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