WWW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.86)
DCF	$144.18	+707.3%
Graham Number	$11.00	-38.4%
Reverse DCF	—	implied g: 3.8%
DDM	$8.24	-53.9%
EV/EBITDA	$17.71	-0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $123.25M

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 36.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.66%

Computed WACC: 9.66%

Cost of equity (Re)14.69%(Rf 4.30% + β 1.89 × 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)65.77%

Debt weight (D/V)34.23%

Results

Intrinsic Value / share$126.98

Current Price$17.86

Upside / Downside+611.0%

Net Debt (used)$555.70M

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

WACC \ Near-term	28.0%	32.0%	36.0%	40.0%	44.0%
7.0%	$168.31	$196.68	$228.65	$264.56	$304.77
8.0%	$131.24	$153.46	$178.49	$206.60	$238.06
9.0%	$105.88	$123.89	$144.18	$166.95	$192.43
10.0%	$87.52	$102.49	$119.35	$138.27	$159.42
11.0%	$73.67	$86.35	$100.63	$116.64	$134.54

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.07

Book Value / share($)Yahoo: $5.03

Results

Graham Number$11.00

Current Price$17.86

Margin of Safety-38.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.66%

Terminal growth rate(%)

Computed WACC: 9.66%

Cost of equity (Re)14.69%(Rf 4.30% + β 1.89 × 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)65.77%

Debt weight (D/V)34.23%

Results

Current Price$17.86

Implied Near-term FCF Growth5.5%

Historical Revenue Growth4.6%

Historical Earnings Growth36.0%

Base FCF (TTM)$123.25M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$17.86

Upside / Downside-53.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $179.10M

Target EV/EBITDA multipleCurrent: 11.2×

Net Debt($B)Default: $555.70M

Results

Implied Equity Value / share$17.71

Current Price$17.86

Upside / Downside-0.8%

Implied EV$2.01B

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

Mult \ Net Debt	-$1.44B	-$444.30M	$555.70M	$1.56B	$2.56B
7.2x	$33.37	$21.17	$8.97	$-3.23	$-15.43
9.2x	$37.74	$25.54	$13.34	$1.14	$-11.06
11.2x	$42.11	$29.91	$17.71	$5.51	$-6.69
13.2x	$46.48	$34.28	$22.08	$9.88	$-2.32
15.2x	$50.85	$38.65	$26.45	$14.25	$2.05

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