Z — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($43.54)
DCF	$21.42	-50.8%
Graham Number	$6.41	-85.3%
Reverse DCF	—	implied g: 33.2%
DDM	—	—
EV/EBITDA	$55.62	+27.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $84.75M

Near-term growth (yrs 1–5)(%)Rev: 18.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.87%

Computed WACC: 14.87%

Cost of equity (Re)15.38%(Rf 4.30% + β 2.02 × ERP 5.50%)

Cost of debt (Rd)3.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)95.85%

Debt weight (D/V)4.15%

Results

Intrinsic Value / share$12.48

Current Price$43.54

Upside / Downside-71.3%

Net Debt (used)-$846.00M

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

WACC \ Near-term	10.1%	14.1%	18.1%	22.1%	26.1%
7.0%	$22.72	$26.09	$29.95	$34.35	$39.35
8.0%	$19.15	$21.82	$24.87	$28.36	$32.32
9.0%	$16.68	$18.88	$21.39	$24.25	$27.49
10.0%	$14.89	$16.74	$18.85	$21.25	$23.98
11.0%	$13.53	$15.11	$16.92	$18.98	$21.31

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.09

Book Value / share($)Yahoo: $20.31

Results

Graham Number$6.41

Current Price$43.54

Margin of Safety-85.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.87%

Terminal growth rate(%)

Computed WACC: 14.87%

Cost of equity (Re)15.38%(Rf 4.30% + β 2.02 × ERP 5.50%)

Cost of debt (Rd)3.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)95.85%

Debt weight (D/V)4.15%

Results

Current Price$43.54

Implied Near-term FCF Growth50.5%

Historical Revenue Growth18.1%

Historical Earnings Growth—

Base FCF (TTM)$84.75M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$43.54

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $69.00M

Target EV/EBITDA multipleCurrent: 139.1×

Net Debt($B)Default: -$846.00M

Results

Implied Equity Value / share$55.62

Current Price$43.54

Upside / Downside+27.7%

Implied EV$9.60B

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

Mult \ Net Debt	-$2.85B	-$1.85B	-$846.00M	$154.00M	$1.15B
135.1x	$64.80	$59.48	$54.15	$48.83	$43.50
137.1x	$65.53	$60.21	$54.89	$49.56	$44.24
139.1x	$66.27	$60.94	$55.62	$50.30	$44.97
141.1x	$67.00	$61.68	$56.36	$51.03	$45.71
143.1x	$67.74	$62.41	$57.09	$51.77	$46.44

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