WY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.62)
DCF	$-10.86	-144.1%
Graham Number	$11.51	-53.3%
Reverse DCF	—	—
DDM	$17.30	-29.7%
EV/EBITDA	$24.62	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$146.50M

Near-term growth (yrs 1–5)(%)Rev: -9.8% / EPS: -9.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.53%

Computed WACC: 8.53%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × ERP 5.50%)

Cost of debt (Rd)5.13%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.62%

Debt weight (D/V)24.38%

Results

Intrinsic Value / share$-11.15

Current Price$24.62

Upside / Downside-145.3%

Net Debt (used)$5.26B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-10.89	$-11.62	$-12.47	$-13.45	$-14.58
8.0%	$-10.25	$-10.84	$-11.52	$-12.31	$-13.21
9.0%	$-9.81	$-10.30	$-10.86	$-11.52	$-12.27
10.0%	$-9.48	$-9.90	$-10.38	$-10.94	$-11.58
11.0%	$-9.23	$-9.60	$-10.01	$-10.50	$-11.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.45

Book Value / share($)Yahoo: $13.08

Results

Graham Number$11.51

Current Price$24.62

Margin of Safety-53.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.53%

Terminal growth rate(%)

Computed WACC: 8.53%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × ERP 5.50%)

Cost of debt (Rd)5.13%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.62%

Debt weight (D/V)24.38%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$24.62

Implied Near-term FCF Growth—

Historical Revenue Growth-9.8%

Historical Earnings Growth-9.1%

Base FCF (TTM)-$146.50M

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: $0.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$17.30

Current Price$24.62

Upside / Downside-29.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $706.00M

Target EV/EBITDA multipleCurrent: 32.6×

Net Debt($B)Default: $5.26B

Results

Implied Equity Value / share$24.62

Current Price$24.62

Upside / Downside+0.0%

Implied EV$23.00B

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

Mult \ Net Debt	$3.26B	$4.26B	$5.26B	$6.26B	$7.26B
28.6x	$23.48	$22.09	$20.70	$19.31	$17.93
30.6x	$25.44	$24.05	$22.66	$21.27	$19.89
32.6x	$27.40	$26.01	$24.62	$23.23	$21.85
34.6x	$29.35	$27.97	$26.58	$25.19	$23.80
36.6x	$31.31	$29.93	$28.54	$27.15	$25.76

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