ACLS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($85.40)
DCF	$50.51	-40.9%
Graham Number	$53.67	-37.2%
Reverse DCF	—	implied g: 15.7%
DDM	—	—
EV/EBITDA	$82.62	-3.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $71.15M

Near-term growth (yrs 1–5)(%)Rev: -5.6% / EPS: -28.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.62%

Computed WACC: 13.62%

Cost of equity (Re)13.99%(Rf 4.30% + β 1.76 × 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)97.36%

Debt weight (D/V)2.64%

Results

Intrinsic Value / share$33.43

Current Price$85.40

Upside / Downside-60.9%

Net Debt (used)-$302.45M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$50.86	$59.15	$68.80	$79.97	$92.83
8.0%	$43.56	$50.24	$57.99	$66.95	$77.26
9.0%	$38.50	$44.06	$50.51	$57.95	$66.50
10.0%	$34.79	$39.53	$45.03	$51.36	$58.62
11.0%	$31.95	$36.07	$40.83	$46.32	$52.61

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.80

Book Value / share($)Yahoo: $33.68

Results

Graham Number$53.67

Current Price$85.40

Margin of Safety-37.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.62%

Terminal growth rate(%)

Computed WACC: 13.62%

Cost of equity (Re)13.99%(Rf 4.30% + β 1.76 × 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)97.36%

Debt weight (D/V)2.64%

Results

Current Price$85.40

Implied Near-term FCF Growth27.5%

Historical Revenue Growth-5.6%

Historical Earnings Growth-28.3%

Base FCF (TTM)$71.15M

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$85.40

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $129.23M

Target EV/EBITDA multipleCurrent: 17.3×

Net Debt($B)Default: -$302.45M

Results

Implied Equity Value / share$82.62

Current Price$85.40

Upside / Downside-3.3%

Implied EV$2.24B

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

Mult \ Net Debt	-$2.30B	-$1.30B	-$302.45M	$697.55M	$1.70B
13.3x	$130.90	$98.34	$65.79	$33.23	$0.68
15.3x	$139.31	$106.76	$74.20	$41.65	$9.09
17.3x	$147.73	$115.17	$82.62	$50.06	$17.51
19.3x	$156.14	$123.59	$91.03	$58.47	$25.92
21.3x	$164.55	$132.00	$99.44	$66.89	$34.33

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