ZG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($43.70)
DCF	$87.64	+100.6%
Graham Number	$6.41	-85.3%
Reverse DCF	—	implied g: 0.8%
DDM	—	—
EV/EBITDA	$228.46	+422.8%

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$51.09

Current Price$43.70

Upside / Downside+16.9%

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%	$92.99	$106.76	$122.55	$140.57	$161.05
8.0%	$78.35	$89.28	$101.80	$116.07	$132.29
9.0%	$68.28	$77.25	$87.52	$99.23	$112.51
10.0%	$60.94	$68.49	$77.13	$86.97	$98.13
11.0%	$55.36	$61.84	$69.25	$77.67	$87.22

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$43.70

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$43.70

Implied Near-term FCF Growth13.0%

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$43.70

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $69.00M

Target EV/EBITDA multipleCurrent: 139.7×

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

Results

Implied Equity Value / share$228.46

Current Price$43.70

Upside / Downside+422.8%

Implied EV$9.64B

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

Mult \ Net Debt	-$2.85B	-$1.85B	-$846.00M	$154.00M	$1.15B
135.7x	$266.02	$244.24	$222.45	$200.66	$178.87
137.7x	$269.03	$247.24	$225.45	$203.66	$181.87
139.7x	$272.04	$250.25	$228.46	$206.67	$184.88
141.7x	$275.05	$253.26	$231.47	$209.68	$187.89
143.7x	$278.05	$256.26	$234.47	$212.68	$190.89

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