ACH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.35)
DCF	$128.13	+5352.4%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	—	—
EV/EBITDA	$2.39	+1.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $671.68M

Near-term growth (yrs 1–5)(%)Rev: -73.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.24%

Computed WACC: 5.24%

Cost of equity (Re)11.69%(Rf 4.30% + β 1.34 × ERP 5.50%)

Cost of debt (Rd)5.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)7.75%

Debt weight (D/V)92.25%

Results

Intrinsic Value / share$339.97

Current Price$2.35

Upside / Downside+14366.7%

Net Debt (used)$1.88B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$129.44	$160.54	$196.71	$238.58	$286.81
8.0%	$102.08	$127.11	$156.18	$189.79	$228.44
9.0%	$83.12	$103.96	$128.13	$156.03	$188.09
10.0%	$69.20	$86.98	$107.57	$131.31	$158.55
11.0%	$58.55	$73.99	$91.86	$112.42	$136.00

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-5.69

Book Value / share($)Yahoo: $-6.04

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative. BVPS is zero or negative.

Graham Number—

Current Price$2.35

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.24%

Terminal growth rate(%)

Computed WACC: 5.24%

Cost of equity (Re)11.69%(Rf 4.30% + β 1.34 × ERP 5.50%)

Cost of debt (Rd)5.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)7.75%

Debt weight (D/V)92.25%

Results

Current Price$2.35

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-73.7%

Historical Earnings Growth—

Base FCF (TTM)$671.68M

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$2.35

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $360.74M

Target EV/EBITDA multipleCurrent: 5.7×

Net Debt($B)Default: $1.88B

Results

Implied Equity Value / share$2.39

Current Price$2.35

Upside / Downside+1.7%

Implied EV$2.07B

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

Mult \ Net Debt	$1.88B	$1.88B	$1.88B	$1.88B	$1.88B
1.7x	$-16.27	$-16.27	$-16.27	$-16.27	$-16.27
3.7x	$-6.94	$-6.94	$-6.94	$-6.94	$-6.94
5.7x	$2.39	$2.39	$2.39	$2.39	$2.39
7.7x	$11.72	$11.72	$11.72	$11.72	$11.72
9.7x	$21.04	$21.04	$21.04	$21.04	$21.04

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