ZBRA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($223.92)
DCF	$273.68	+22.2%
Graham Number	$115.32	-48.5%
Reverse DCF	—	implied g: 7.8%
DDM	—	—
EV/EBITDA	$223.92	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $658.50M

Near-term growth (yrs 1–5)(%)Rev: 10.6% / EPS: -55.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.93%

Computed WACC: 10.93%

Cost of equity (Re)13.53%(Rf 4.30% + β 1.68 × 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)80.79%

Debt weight (D/V)19.21%

Results

Intrinsic Value / share$194.20

Current Price$223.92

Upside / Downside-13.3%

Net Debt (used)$2.57B

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

WACC \ Near-term	2.6%	6.6%	10.6%	14.6%	18.6%
7.0%	$286.70	$352.75	$429.09	$516.90	$617.45
8.0%	$223.37	$276.17	$337.13	$407.17	$487.30
9.0%	$179.63	$223.31	$273.68	$331.49	$397.57
10.0%	$147.64	$184.67	$227.32	$276.22	$332.06
11.0%	$123.24	$155.22	$192.00	$234.14	$282.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.17

Book Value / share($)Yahoo: $72.35

Results

Graham Number$115.32

Current Price$223.92

Margin of Safety-48.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.93%

Terminal growth rate(%)

Computed WACC: 10.93%

Cost of equity (Re)13.53%(Rf 4.30% + β 1.68 × 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)80.79%

Debt weight (D/V)19.21%

Results

Current Price$223.92

Implied Near-term FCF Growth12.7%

Historical Revenue Growth10.6%

Historical Earnings Growth-55.8%

Base FCF (TTM)$658.50M

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: —

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$223.92

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $985.00M

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $2.57B

Results

Implied Equity Value / share$223.92

Current Price$223.92

Upside / Downside+0.0%

Implied EV$13.59B

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

Mult \ Net Debt	$572.00M	$1.57B	$2.57B	$3.57B	$4.57B
9.8x	$184.48	$164.16	$143.83	$123.50	$103.17
11.8x	$224.53	$204.20	$183.87	$163.55	$143.22
13.8x	$264.58	$244.25	$223.92	$203.59	$183.26
15.8x	$304.63	$284.30	$263.97	$243.64	$223.31
17.8x	$344.67	$324.35	$304.02	$283.69	$263.36

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