ACNB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($50.52)
DCF	$-24.96	-149.4%
Graham Number	$57.27	+13.4%
Reverse DCF	—	—
DDM	$31.31	-38.0%
EV/EBITDA	—	—

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: 37.6% / EPS: 35.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.77%

Computed WACC: 8.77%

Cost of equity (Re)9.01%(Rf 4.30% + β 0.86 × ERP 5.50%)

Cost of debt (Rd)10.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.78%

Debt weight (D/V)38.22%

Results

Intrinsic Value / share$-24.96

Current Price$50.52

Upside / Downside-149.4%

Net Debt (used)$258.92M

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

WACC \ Near-term	29.6%	33.6%	37.6%	41.6%	45.6%
7.0%	$-24.96	$-24.96	$-24.96	$-24.96	$-24.96
8.0%	$-24.96	$-24.96	$-24.96	$-24.96	$-24.96
9.0%	$-24.96	$-24.96	$-24.96	$-24.96	$-24.96
10.0%	$-24.96	$-24.96	$-24.96	$-24.96	$-24.96
11.0%	$-24.96	$-24.96	$-24.96	$-24.96	$-24.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.60

Book Value / share($)Yahoo: $40.49

Results

Graham Number$57.27

Current Price$50.52

Margin of Safety+13.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.77%

Terminal growth rate(%)

Computed WACC: 8.77%

Cost of equity (Re)9.01%(Rf 4.30% + β 0.86 × ERP 5.50%)

Cost of debt (Rd)10.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.78%

Debt weight (D/V)38.22%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$50.52

Implied Near-term FCF Growth—

Historical Revenue Growth37.6%

Historical Earnings Growth35.0%

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: $1.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$31.31

Current Price$50.52

Upside / Downside-38.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $258.92M

Results

Implied Equity Value / share$-24.96

Current Price$50.52

Upside / Downside-149.4%

Implied EV$0

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