XRX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1.80)
DCF	$123.65	+6769.3%
Graham Number	—	—
Reverse DCF	—	implied g: -2.0%
DDM	$2.06	+14.4%
EV/EBITDA	$3.57	+98.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $342.00M

Near-term growth (yrs 1–5)(%)Rev: 25.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.81%

Computed WACC: 6.81%

Cost of equity (Re)13.75%(Rf 4.30% + β 1.72 × ERP 5.50%)

Cost of debt (Rd)8.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)5.17%

Debt weight (D/V)94.83%

Results

Intrinsic Value / share$216.23

Current Price$1.80

Upside / Downside+11912.8%

Net Debt (used)$3.74B

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

WACC \ Near-term	17.7%	21.7%	25.7%	29.7%	33.7%
7.0%	$141.00	$170.71	$204.51	$242.81	$286.04
8.0%	$106.33	$129.76	$156.39	$186.55	$220.59
9.0%	$82.53	$101.65	$123.38	$147.97	$175.71
10.0%	$65.25	$81.25	$99.42	$119.97	$143.14
11.0%	$52.17	$65.81	$81.29	$98.79	$118.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-8.25

Book Value / share($)Yahoo: $3.47

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$1.80

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.81%

Terminal growth rate(%)

Computed WACC: 6.81%

Cost of equity (Re)13.75%(Rf 4.30% + β 1.72 × ERP 5.50%)

Cost of debt (Rd)8.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)5.17%

Debt weight (D/V)94.83%

Results

Current Price$1.80

Implied Near-term FCF Growth-8.0%

Historical Revenue Growth25.7%

Historical Earnings Growth—

Base FCF (TTM)$342.00M

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: $0.10

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.06

Current Price$1.80

Upside / Downside+14.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $211.00M

Target EV/EBITDA multipleCurrent: 19.9×

Net Debt($B)Default: $3.74B

Results

Implied Equity Value / share$3.57

Current Price$1.80

Upside / Downside+98.5%

Implied EV$4.19B

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

Mult \ Net Debt	$1.74B	$2.74B	$3.74B	$4.74B	$5.74B
15.9x	$12.56	$4.79	$-2.99	$-10.77	$-18.54
17.9x	$15.84	$8.07	$0.29	$-7.48	$-15.26
19.9x	$19.13	$11.35	$3.57	$-4.20	$-11.98
21.9x	$22.41	$14.63	$6.85	$-0.92	$-8.70
23.9x	$25.69	$17.91	$10.14	$2.36	$-5.42

← Overview Financial Statements ← Companies