AAME — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.53)
DCF	$46.90	+1753.9%
Graham Number	$5.27	+108.3%
Reverse DCF	—	implied g: -20.0%
DDM	$0.41	-83.7%
EV/EBITDA	$2.59	+2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.10M

Near-term growth (yrs 1–5)(%)Rev: 20.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.51%

Computed WACC: 7.51%

Cost of equity (Re)8.49%(Rf 4.30% + β 0.76 × ERP 5.50%)

Cost of debt (Rd)8.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)54.74%

Debt weight (D/V)45.26%

Results

Intrinsic Value / share$63.23

Current Price$2.53

Upside / Downside+2399.1%

Net Debt (used)$8.22M

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

WACC \ Near-term	12.8%	16.8%	20.8%	24.8%	28.8%
7.0%	$51.29	$60.65	$71.35	$83.54	$97.35
8.0%	$40.98	$48.40	$56.86	$66.49	$77.41
9.0%	$33.90	$39.97	$46.90	$54.78	$63.71
10.0%	$28.75	$33.85	$39.66	$46.27	$53.75
11.0%	$24.84	$29.20	$34.18	$39.82	$46.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.23

Book Value / share($)Yahoo: $5.37

Results

Graham Number$5.27

Current Price$2.53

Margin of Safety+108.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.51%

Terminal growth rate(%)

Computed WACC: 7.51%

Cost of equity (Re)8.49%(Rf 4.30% + β 0.76 × ERP 5.50%)

Cost of debt (Rd)8.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)54.74%

Debt weight (D/V)45.26%

Results

Current Price$2.53

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth20.8%

Historical Earnings Growth—

Base FCF (TTM)$22.10M

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: $0.02

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.41

Current Price$2.53

Upside / Downside-83.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $10.06M

Target EV/EBITDA multipleCurrent: 6.1×

Net Debt($B)Default: $8.22M

Results

Implied Equity Value / share$2.59

Current Price$2.53

Upside / Downside+2.5%

Implied EV$61.10M

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

Mult \ Net Debt	-$1.99B	-$991.78M	$8.22M	$1.01B	$2.01B
2.1x	$98.67	$49.65	$0.62	$-48.41	$-97.43
4.1x	$99.66	$50.63	$1.61	$-47.42	$-96.45
6.1x	$100.65	$51.62	$2.59	$-46.43	$-95.46
8.1x	$101.63	$52.61	$3.58	$-45.45	$-94.47
10.1x	$102.62	$53.59	$4.57	$-44.46	$-93.49

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