ABX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.56)
DCF	$2082.63	+21684.8%
Graham Number	$2.24	-76.6%
Reverse DCF	—	implied g: 14.4%
DDM	$4.12	-56.9%
EV/EBITDA	$9.61	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $41.56M

Near-term growth (yrs 1–5)(%)Rev: 123.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.49%

Computed WACC: 2.49%

Cost of equity (Re)3.60%(Rf 4.30% + β -0.13 × 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)69.28%

Debt weight (D/V)30.72%

Results

Intrinsic Value / share—

Current Price$9.56

Upside / Downside—

Net Debt (used)$328.06M

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

WACC \ Near-term	115.7%	119.7%	123.7%	127.7%	131.7%
7.0%	$2869.95	$3145.98	$3442.85	$3761.70	$4103.74
8.0%	$2195.57	$2406.73	$2633.81	$2877.71	$3139.34
9.0%	$1738.68	$1905.88	$2085.69	$2278.82	$2485.97
10.0%	$1411.52	$1547.25	$1693.21	$1849.98	$2018.13
11.0%	$1167.69	$1279.97	$1400.71	$1530.38	$1669.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.05

Book Value / share($)Yahoo: $4.45

Results

Graham Number$2.24

Current Price$9.56

Margin of Safety-76.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.49%

Terminal growth rate(%)

Computed WACC: 2.49%

Cost of equity (Re)3.60%(Rf 4.30% + β -0.13 × 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)69.28%

Debt weight (D/V)30.72%

Results

Current Price$9.56

Implied Near-term FCF Growth65.0%

Historical Revenue Growth123.7%

Historical Earnings Growth—

Base FCF (TTM)$41.56M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$9.56

Upside / Downside-56.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $72.09M

Target EV/EBITDA multipleCurrent: 17.6×

Net Debt($B)Default: $328.06M

Results

Implied Equity Value / share$9.61

Current Price$9.56

Upside / Downside+0.5%

Implied EV$1.27B

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

Mult \ Net Debt	-$1.67B	-$671.94M	$328.06M	$1.33B	$2.33B
13.6x	$27.12	$16.89	$6.66	$-3.57	$-13.80
15.6x	$28.60	$18.37	$8.14	$-2.09	$-12.32
17.6x	$30.07	$19.84	$9.61	$-0.62	$-10.85
19.6x	$31.55	$21.32	$11.09	$0.86	$-9.37
21.6x	$33.02	$22.79	$12.56	$2.33	$-7.90

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