AAT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.66)
DCF	$21.11	+7.4%
Graham Number	$19.70	+0.2%
Reverse DCF	—	implied g: 4.5%
DDM	$28.02	+42.5%
EV/EBITDA	$18.69	-4.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $163.54M

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: -65.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.51%

Computed WACC: 4.51%

Cost of equity (Re)9.56%(Rf 4.30% + β 0.96 × 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)47.19%

Debt weight (D/V)52.81%

Results

Intrinsic Value / share$126.92

Current Price$19.66

Upside / Downside+545.6%

Net Debt (used)$1.58B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$21.52	$31.05	$42.15	$55.00	$69.79
8.0%	$13.12	$20.80	$29.72	$40.03	$51.89
9.0%	$7.31	$13.70	$21.11	$29.67	$39.51
10.0%	$3.04	$8.49	$14.81	$22.09	$30.45
11.0%	$-0.23	$4.51	$9.99	$16.29	$23.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.92

Book Value / share($)Yahoo: $18.75

Results

Graham Number$19.70

Current Price$19.66

Margin of Safety+0.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.51%

Terminal growth rate(%)

Computed WACC: 4.51%

Cost of equity (Re)9.56%(Rf 4.30% + β 0.96 × 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)47.19%

Debt weight (D/V)52.81%

Results

Current Price$19.66

Implied Near-term FCF Growth-12.3%

Historical Revenue Growth-2.9%

Historical Earnings Growth-65.1%

Base FCF (TTM)$163.54M

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: $1.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.02

Current Price$19.66

Upside / Downside+42.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $226.64M

Target EV/EBITDA multipleCurrent: 12.0×

Net Debt($B)Default: $1.58B

Results

Implied Equity Value / share$18.69

Current Price$19.66

Upside / Downside-4.9%

Implied EV$2.72B

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

Mult \ Net Debt	$1.58B	$1.58B	$1.58B	$1.58B	$1.58B
8.0x	$3.92	$3.92	$3.92	$3.92	$3.92
10.0x	$11.31	$11.31	$11.31	$11.31	$11.31
12.0x	$18.69	$18.69	$18.69	$18.69	$18.69
14.0x	$26.07	$26.07	$26.07	$26.07	$26.07
16.0x	$33.46	$33.46	$33.46	$33.46	$33.46

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