ZUMZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.25)
DCF	$46.33	+91.1%
Graham Number	$14.00	-42.3%
Reverse DCF	—	implied g: -6.5%
DDM	—	—
EV/EBITDA	$33.34	+37.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $43.22M

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 1.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.59%

Computed WACC: 5.59%

Cost of equity (Re)9.23%(Rf 4.30% + β 0.90 × 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)60.54%

Debt weight (D/V)39.46%

Results

Intrinsic Value / share$96.35

Current Price$24.25

Upside / Downside+297.3%

Net Debt (used)-$26.60M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$46.72	$55.85	$66.47	$78.76	$92.92
8.0%	$38.68	$46.03	$54.57	$64.44	$75.79
9.0%	$33.12	$39.24	$46.33	$54.53	$63.94
10.0%	$29.03	$34.25	$40.30	$47.27	$55.27
11.0%	$25.90	$30.44	$35.68	$41.72	$48.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.41

Book Value / share($)Yahoo: $21.23

Results

Graham Number$14.00

Current Price$24.25

Margin of Safety-42.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.59%

Terminal growth rate(%)

Computed WACC: 5.59%

Cost of equity (Re)9.23%(Rf 4.30% + β 0.90 × 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)60.54%

Debt weight (D/V)39.46%

Results

Current Price$24.25

Implied Near-term FCF Growth-16.2%

Historical Revenue Growth4.6%

Historical Earnings Growth1.2%

Base FCF (TTM)$43.22M

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$24.25

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $39.29M

Target EV/EBITDA multipleCurrent: 13.7×

Net Debt($B)Default: -$26.60M

Results

Implied Equity Value / share$33.34

Current Price$24.25

Upside / Downside+37.5%

Implied EV$538.47M

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

Mult \ Net Debt	-$2.03B	-$1.03B	-$26.60M	$973.40M	$1.97B
9.7x	$142.06	$83.06	$24.07	$-34.93	$-93.93
11.7x	$146.70	$87.70	$28.70	$-30.30	$-89.29
13.7x	$151.34	$92.34	$33.34	$-25.66	$-84.66
15.7x	$155.97	$96.97	$37.97	$-21.02	$-80.02
17.7x	$160.61	$101.61	$42.61	$-16.39	$-75.39

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