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Comparing DISCOUNTED CASH FLOWS and GRAHAM'S FORMULA

With this simulator you can compare the fair value given by a two-stage discounted cash flows model with the intrinsic valu
Graham's Formula.

DISCOUNTED CASH FLOWS GRAHAM's FORMULA


Parameters Parameters
Current Earnings Earnings for current year 54.68 Current Earnings
Growth Rate 1 The Growth Rate of the first period 27.0% Earnings factor
Years of Growth 1 The number of years of the first period 5 Growth factor
Growth Rate 2 The Growth Rate after 1st period 0.0%
Discount Rate The rate cash-flows are discounted by 0.00% G : Growth over next 7 years

Cells to modify

Results of Discounted Cash Flows Model Results of Graham's Formula


INTRINSIC VALUE = The sum of all discounted Cash-Flows = 642816.82 INTRINSIC VALUE

Conclusion :
200.0
180.0
160.0
140.0
Cash-Flows
120.0
100.0
Present value of
80.0 future cash flows
60.0 (Discounted Cash-
40.0 Flows)
20.0
0.0
21 25 29 33 37 41 45 49 53 57 61 65 69
20 20 20 20 20 20 20 20 20 20 20 20 20

YEAR Cash-Flows Discounted


2021 54.680
2022 69.444 69.44
2023 88.193 88.19
2024 112.006 112.01
2025 142.247 142.25
2026 180.654 180.65
2027 180.654 180.65
2028 180.654 180.65
2029 180.654 180.65
2030 180.654 180.65
2031 180.654 180.65
2032 180.654 180.65
2033 180.654 180.65
2034 180.654 180.65
2035 180.654 180.65
2036 180.654 180.65
2037 180.654 180.65
2038 180.654 180.65
2039 180.654 180.65
2040 180.654 180.65
2041 180.654 180.65
2042 180.654 180.65
2043 180.654 180.65
2044 180.654 180.65
2045 180.654 180.65
2046 180.654 180.65
2047 180.654 180.65
2048 180.654 180.65
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2050 180.654 180.65
2051 180.654 180.65
2052 180.654 180.65
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2056 180.654 180.65
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2060 180.654 180.65
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2100 180.654 180.65
2101 180.654 180.65
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2110 180.654 180.65
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2160 180.654 180.65
2161 180.654 180.65
2162 180.654 180.65
2163 180.654 180.65
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2165 180.654 180.65
2166 180.654 180.65
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2168 180.654 180.65
2169 180.654 180.65
2170 180.654 180.65
2171 180.654 180.65
2172 180.654 180.65
2173 180.654 180.65
2174 180.654 180.65
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2209 180.654 180.65
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2240 180.654 180.65
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2250 180.654 180.65
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2255 180.654 180.65
2256 180.654 180.65
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2260 180.654 180.65
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2321 180.654 180.65
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2325 180.654 180.65
2326 180.654 180.65
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2400 180.654 180.65
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2500 180.654 180.65
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5253 180.654 180.65
5254 180.654 180.65
5255 180.654 180.65
5256 180.654 180.65
5257 180.654 180.65
5258 180.654 180.65
5259 180.654 180.65
5260 180.654 180.65
5261 180.654 180.65
5262 180.654 180.65
5263 180.654 180.65
5264 180.654 180.65
5265 180.654 180.65
5266 180.654 180.65
5267 180.654 180.65
5268 180.654 180.65
5269 180.654 180.65
5270 180.654 180.65
5271 180.654 180.65
5272 180.654 180.65
5273 180.654 180.65
5274 180.654 180.65
5275 180.654 180.65
5276 180.654 180.65
5277 180.654 180.65
5278 180.654 180.65
5279 180.654 180.65
5280 180.654 180.65
5281 180.654 180.65
5282 180.654 180.65
5283 180.654 180.65
5284 180.654 180.65
5285 180.654 180.65
5286 180.654 180.65
5287 180.654 180.65
5288 180.654 180.65
5289 180.654 180.65
5290 180.654 180.65
5291 180.654 180.65
5292 180.654 180.65
5293 180.654 180.65
5294 180.654 180.65
5295 180.654 180.65
5296 180.654 180.65
5297 180.654 180.65
5298 180.654 180.65
5299 180.654 180.65
5300 180.654 180.65
5301 180.654 180.65
5302 180.654 180.65
5303 180.654 180.65
5304 180.654 180.65
5305 180.654 180.65
5306 180.654 180.65
5307 180.654 180.65
5308 180.654 180.65
5309 180.654 180.65
5310 180.654 180.65
5311 180.654 180.65
5312 180.654 180.65
5313 180.654 180.65
5314 180.654 180.65
5315 180.654 180.65
5316 180.654 180.65
5317 180.654 180.65
5318 180.654 180.65
5319 180.654 180.65
5320 180.654 180.65
5321 180.654 180.65
5322 180.654 180.65
5323 180.654 180.65
5324 180.654 180.65
5325 180.654 180.65
5326 180.654 180.65
5327 180.654 180.65
5328 180.654 180.65
5329 180.654 180.65
5330 180.654 180.65
5331 180.654 180.65
5332 180.654 180.65
5333 180.654 180.65
5334 180.654 180.65
5335 180.654 180.65
5336 180.654 180.65
5337 180.654 180.65
5338 180.654 180.65
5339 180.654 180.65
5340 180.654 180.65
5341 180.654 180.65
5342 180.654 180.65
5343 180.654 180.65
5344 180.654 180.65
5345 180.654 180.65
5346 180.654 180.65
5347 180.654 180.65
5348 180.654 180.65
5349 180.654 180.65
5350 180.654 180.65
5351 180.654 180.65
5352 180.654 180.65
5353 180.654 180.65
5354 180.654 180.65
5355 180.654 180.65
5356 180.654 180.65
5357 180.654 180.65
5358 180.654 180.65
5359 180.654 180.65
5360 180.654 180.65
5361 180.654 180.65
5362 180.654 180.65
5363 180.654 180.65
5364 180.654 180.65
5365 180.654 180.65
5366 180.654 180.65
5367 180.654 180.65
5368 180.654 180.65
5369 180.654 180.65
5370 180.654 180.65
5371 180.654 180.65
5372 180.654 180.65
5373 180.654 180.65
5374 180.654 180.65
5375 180.654 180.65
5376 180.654 180.65
5377 180.654 180.65
5378 180.654 180.65
5379 180.654 180.65
5380 180.654 180.65
5381 180.654 180.65
5382 180.654 180.65
5383 180.654 180.65
5384 180.654 180.65
5385 180.654 180.65
5386 180.654 180.65
5387 180.654 180.65
5388 180.654 180.65
5389 180.654 180.65
5390 180.654 180.65
5391 180.654 180.65
5392 180.654 180.65
5393 180.654 180.65
5394 180.654 180.65
5395 180.654 180.65
5396 180.654 180.65
5397 180.654 180.65
5398 180.654 180.65
5399 180.654 180.65
5400 180.654 180.65
5401 180.654 180.65
5402 180.654 180.65
5403 180.654 180.65
5404 180.654 180.65
5405 180.654 180.65
5406 180.654 180.65
5407 180.654 180.65
5408 180.654 180.65
5409 180.654 180.65
5410 180.654 180.65
5411 180.654 180.65
5412 180.654 180.65
5413 180.654 180.65
5414 180.654 180.65
5415 180.654 180.65
5416 180.654 180.65
5417 180.654 180.65
5418 180.654 180.65
5419 180.654 180.65
5420 180.654 180.65
5421 180.654 180.65
5422 180.654 180.65
5423 180.654 180.65
5424 180.654 180.65
5425 180.654 180.65
5426 180.654 180.65
5427 180.654 180.65
5428 180.654 180.65
5429 180.654 180.65
5430 180.654 180.65
5431 180.654 180.65
5432 180.654 180.65
5433 180.654 180.65
5434 180.654 180.65
5435 180.654 180.65
5436 180.654 180.65
5437 180.654 180.65
5438 180.654 180.65
5439 180.654 180.65
5440 180.654 180.65
5441 180.654 180.65
5442 180.654 180.65
5443 180.654 180.65
5444 180.654 180.65
5445 180.654 180.65
5446 180.654 180.65
5447 180.654 180.65
5448 180.654 180.65
5449 180.654 180.65
5450 180.654 180.65
5451 180.654 180.65
5452 180.654 180.65
5453 180.654 180.65
5454 180.654 180.65
5455 180.654 180.65
5456 180.654 180.65
5457 180.654 180.65
5458 180.654 180.65
5459 180.654 180.65
5460 180.654 180.65
5461 180.654 180.65
5462 180.654 180.65
5463 180.654 180.65
5464 180.654 180.65
5465 180.654 180.65
5466 180.654 180.65
5467 180.654 180.65
5468 180.654 180.65
5469 180.654 180.65
5470 180.654 180.65
5471 180.654 180.65
5472 180.654 180.65
5473 180.654 180.65
5474 180.654 180.65
5475 180.654 180.65
5476 180.654 180.65
5477 180.654 180.65
5478 180.654 180.65
5479 180.654 180.65
5480 180.654 180.65
5481 180.654 180.65
5482 180.654 180.65
5483 180.654 180.65
5484 180.654 180.65
5485 180.654 180.65
5486 180.654 180.65
5487 180.654 180.65
5488 180.654 180.65
5489 180.654 180.65
5490 180.654 180.65
5491 180.654 180.65
5492 180.654 180.65
5493 180.654 180.65
5494 180.654 180.65
5495 180.654 180.65
5496 180.654 180.65
5497 180.654 180.65
5498 180.654 180.65
5499 180.654 180.65
5500 180.654 180.65
5501 180.654 180.65
5502 180.654 180.65
5503 180.654 180.65
5504 180.654 180.65
5505 180.654 180.65
5506 180.654 180.65
5507 180.654 180.65
5508 180.654 180.65
5509 180.654 180.65
5510 180.654 180.65
5511 180.654 180.65
5512 180.654 180.65
5513 180.654 180.65
5514 180.654 180.65
5515 180.654 180.65
5516 180.654 180.65
5517 180.654 180.65
5518 180.654 180.65
5519 180.654 180.65
5520 180.654 180.65
5521 180.654 180.65
5522 180.654 180.65
5523 180.654 180.65
5524 180.654 180.65
5525 180.654 180.65
5526 180.654 180.65
5527 180.654 180.65
5528 180.654 180.65
5529 180.654 180.65
5530 180.654 180.65
5531 180.654 180.65
5532 180.654 180.65
5533 180.654 180.65
5534 180.654 180.65
5535 180.654 180.65
5536 180.654 180.65
5537 180.654 180.65
5538 180.654 180.65
5539 180.654 180.65
5540 180.654 180.65
5541 180.654 180.65
5542 180.654 180.65
5543 180.654 180.65
5544 180.654 180.65
5545 180.654 180.65
5546 180.654 180.65
5547 180.654 180.65
5548 180.654 180.65
5549 180.654 180.65
5550 180.654 180.65
5551 180.654 180.65
5552 180.654 180.65
5553 180.654 180.65
5554 180.654 180.65
5555 180.654 180.65
5556 180.654 180.65
5557 180.654 180.65
5558 180.654 180.65
5559 180.654 180.65
5560 180.654 180.65
5561 180.654 180.65
5562 180.654 180.65
5563 180.654 180.65
5564 180.654 180.65
5565 180.654 180.65
5566 180.654 180.65
5567 180.654 180.65
5568 180.654 180.65
5569 180.654 180.65
5570 180.654 180.65
5571 180.654 180.65
5572 180.654 180.65
5573 180.654 180.65
5574 180.654 180.65
5575 180.654 180.65
5576 180.654 180.65
5577 180.654 180.65
5578 180.654 180.65
5579 180.654 180.65
5580 180.654 180.65
5581 180.654 180.65
RAHAM'S FORMULA
ws model with the intrinsic value calculated with

HAM's FORMULA

54.68
8.5
2

wth over next 7 years 18.6%

of Graham's Formula
= Current Earnings x (8.5 + 2xG) = 2500.69

Graham's Fomula under-estimates the Discounted


Cash Flows valuation

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