The Spread of Worth
One mark per company · price against estimateEach hairline below is one company, placed by the distance between what it costs and what its accounts say it is worth. Marks pile up where companies cluster. The scale doubles at every step, because the gap runs from a few percent to several times over. Hover any mark to read its company — the line above shows the middle of the board until you do.
Terms of the Estimate
Two models · one ranking- Discount rate
- 13% on every company — the Indonesian ten-year yield plus an equity risk premium. One rate for all, which treats a utility and a mining junior as equally risky. They are not.
- Growth
- Five years, then 4% forever. Operating companies grow at their own revenue rate, capped at 15%; financials at what they retain from earnings.
- Cash flow
- The median of the filed years, never the latest. One asset sale must not become a perpetuity.
- Accounts
- The last four quarters where a company files them cleanly, the last full financial year otherwise. Yahoo's quarterly record has gaps — about six in ten companies are missing one — and four quarters with a hole in the middle is not a year. Every row prints the period it rests on.
Operating companies are valued on a two-stage DCF. Five years of free cash flow, a closing value for everything after, debt subtracted and cash added to reach what the shareholders own.
Banks and insurers cannot be. A bank's reported free cash flow is deposit and lending flow — it measures the balance sheet, not the business, and a cash flow model reads it as enormous wealth. They are valued on excess return instead: book value, plus whatever the bank earns above its cost of equity. A bank returning exactly 13% on book is worth its book and no more. Which model a company gets is decided by its Yahoo Finance sector — Financial Services or Financial route here, everything else runs on the DCF above.
Companies are missing from the ranking when they lose money, file nothing, or carry no sector. Without the sector we cannot tell which model applies, and a wrong model is worse than no number. These figures rank. They do not price.
Table B, below, is a cross-check, not a third model: the same companies valued again from dividends actually paid instead of cash the business generates. A company that hoards more than it distributes shows a DDM below its main figure — that gap is a reading, not a disagreement to resolve. It's a separate table, not a column, because only companies with a dividend history belong in it at all.
Ranked by discount to estimated intrinsic value — the widest discounts first, the richest valuations last. Filtering the table also picks the matching companies out of the figure above. Hover a column heading for what it measures.
DDM cross-check, widest gap first — a second reading of the same companies, built only from dividends actually paid out, not cash the business generates. Only companies with a dividend history appear here. The same Model and Find controls above narrow this table too.