ZD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.01)
DCF	$127.86	+356.5%
Graham Number	$34.39	+22.8%
Reverse DCF	—	implied g: -17.8%
DDM	—	—
EV/EBITDA	$28.01	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $290.44M

Near-term growth (yrs 1–5)(%)Rev: -1.5% / EPS: -99.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.12%

Computed WACC: 8.12%

Cost of equity (Re)11.90%(Rf 4.30% + β 1.38 × ERP 5.50%)

Cost of debt (Rd)4.34%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)55.38%

Debt weight (D/V)44.62%

Results

Intrinsic Value / share$149.31

Current Price$28.01

Upside / Downside+433.1%

Net Debt (used)$284.70M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$129.02	$156.64	$188.77	$225.96	$268.80
8.0%	$104.72	$126.95	$152.77	$182.62	$216.96
9.0%	$87.88	$106.39	$127.86	$152.64	$181.12
10.0%	$75.51	$91.30	$109.59	$130.68	$154.88
11.0%	$66.05	$79.77	$95.63	$113.90	$134.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.15

Book Value / share($)Yahoo: $45.69

Results

Graham Number$34.39

Current Price$28.01

Margin of Safety+22.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.12%

Terminal growth rate(%)

Computed WACC: 8.12%

Cost of equity (Re)11.90%(Rf 4.30% + β 1.38 × ERP 5.50%)

Cost of debt (Rd)4.34%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)55.38%

Debt weight (D/V)44.62%

Results

Current Price$28.01

Implied Near-term FCF Growth-19.6%

Historical Revenue Growth-1.5%

Historical Earnings Growth-99.7%

Base FCF (TTM)$290.44M

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$28.01

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $426.52M

Target EV/EBITDA multipleCurrent: 3.1×

Net Debt($B)Default: $284.70M

Results

Implied Equity Value / share$28.01

Current Price$28.01

Upside / Downside-0.0%

Implied EV$1.34B

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

Mult \ Net Debt	-$1.72B	-$715.30M	$284.70M	$1.28B	$2.28B
-0.9x	$35.81	$9.26	$-17.30	$-43.86	$-70.42
1.1x	$58.47	$31.91	$5.35	$-21.21	$-47.76
3.1x	$81.12	$54.56	$28.01	$1.45	$-25.11
5.1x	$103.78	$77.22	$50.66	$24.10	$-2.45
7.1x	$126.43	$99.87	$73.32	$46.76	$20.20

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