ACAD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.81)
DCF	$-353.31	-1648.9%
Graham Number	$15.28	-33.0%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$22.99	+0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$54.82M

Near-term growth (yrs 1–5)(%)Rev: 9.4% / EPS: 86.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.62%

Computed WACC: 8.62%

Cost of equity (Re)8.74%(Rf 4.30% + β 0.81 × 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)98.67%

Debt weight (D/V)1.33%

Results

Intrinsic Value / share$-384.13

Current Price$22.81

Upside / Downside-1784.1%

Net Debt (used)-$767.50M

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

WACC \ Near-term	78.2%	82.2%	86.2%	90.2%	94.2%
7.0%	$-463.57	$-518.28	$-577.98	$-643.03	$-713.77
8.0%	$-356.14	$-398.24	$-444.18	$-494.23	$-548.66
9.0%	$-283.17	$-316.71	$-353.31	$-393.18	$-436.53
10.0%	$-230.78	$-258.17	$-288.06	$-320.62	$-356.02
11.0%	$-191.61	$-214.41	$-239.29	$-266.38	$-295.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.44

Book Value / share($)Yahoo: $7.21

Results

Graham Number$15.28

Current Price$22.81

Margin of Safety-33.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.62%

Terminal growth rate(%)

Computed WACC: 8.62%

Cost of equity (Re)8.74%(Rf 4.30% + β 0.81 × 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)98.67%

Debt weight (D/V)1.33%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$22.81

Implied Near-term FCF Growth—

Historical Revenue Growth9.4%

Historical Earnings Growth86.2%

Base FCF (TTM)-$54.82M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$22.81

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $116.57M

Target EV/EBITDA multipleCurrent: 26.8×

Net Debt($B)Default: -$767.50M

Results

Implied Equity Value / share$22.99

Current Price$22.81

Upside / Downside+0.8%

Implied EV$3.12B

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

Mult \ Net Debt	-$2.77B	-$1.77B	-$767.50M	$232.50M	$1.23B
22.8x	$32.05	$26.14	$20.23	$14.32	$8.41
24.8x	$33.43	$27.52	$21.61	$15.70	$9.79
26.8x	$34.81	$28.90	$22.99	$17.08	$11.17
28.8x	$36.19	$30.28	$24.37	$18.45	$12.54
30.8x	$37.57	$31.65	$25.74	$19.83	$13.92

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