ACIC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.54)
DCF	$0.60	-94.8%
Graham Number	$16.99	+47.2%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$10.64	-7.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -23.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.04%

Computed WACC: 2.04%

Cost of equity (Re)0.83%(Rf 4.30% + β -0.63 × ERP 5.50%)

Cost of debt (Rd)8.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)77.95%

Debt weight (D/V)22.05%

Results

Intrinsic Value / share—

Current Price$11.54

Upside / Downside—

Net Debt (used)-$29.09M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$0.60	$0.60	$0.60	$0.60	$0.60
8.0%	$0.60	$0.60	$0.60	$0.60	$0.60
9.0%	$0.60	$0.60	$0.60	$0.60	$0.60
10.0%	$0.60	$0.60	$0.60	$0.60	$0.60
11.0%	$0.60	$0.60	$0.60	$0.60	$0.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.73

Book Value / share($)Yahoo: $7.42

Results

Graham Number$16.99

Current Price$11.54

Margin of Safety+47.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.04%

Terminal growth rate(%)

Computed WACC: 2.04%

Cost of equity (Re)0.83%(Rf 4.30% + β -0.63 × ERP 5.50%)

Cost of debt (Rd)8.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)77.95%

Debt weight (D/V)22.05%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$11.54

Implied Near-term FCF Growth—

Historical Revenue Growth-23.5%

Historical Earnings Growth—

Base FCF (TTM)—

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$11.54

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $157.48M

Target EV/EBITDA multipleCurrent: 3.1×

Net Debt($B)Default: -$29.09M

Results

Implied Equity Value / share$10.64

Current Price$11.54

Upside / Downside-7.8%

Implied EV$489.77M

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

Mult \ Net Debt	-$2.03B	-$1.03B	-$29.09M	$970.91M	$1.97B
-0.9x	$38.74	$18.23	$-2.28	$-22.78	$-43.29
1.1x	$45.19	$24.69	$4.18	$-16.33	$-36.83
3.1x	$51.65	$31.15	$10.64	$-9.87	$-30.37
5.1x	$58.11	$37.60	$17.10	$-3.41	$-23.91
7.1x	$64.57	$44.06	$23.56	$3.05	$-17.46

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