ACU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($44.77)
DCF	$-6.60	-114.7%
Graham Number	$41.18	-8.0%
Reverse DCF	—	—
DDM	$13.18	-70.6%
EV/EBITDA	$44.77	+0.0%

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: 3.4% / EPS: 9.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.69%

Computed WACC: 8.69%

Cost of equity (Re)8.35%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)13.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.58%

Debt weight (D/V)14.42%

Results

Intrinsic Value / share$-6.60

Current Price$44.77

Upside / Downside-114.7%

Net Debt (used)$25.12M

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

WACC \ Near-term	1.5%	5.5%	9.5%	13.5%	17.5%
7.0%	$-6.60	$-6.60	$-6.60	$-6.60	$-6.60
8.0%	$-6.60	$-6.60	$-6.60	$-6.60	$-6.60
9.0%	$-6.60	$-6.60	$-6.60	$-6.60	$-6.60
10.0%	$-6.60	$-6.60	$-6.60	$-6.60	$-6.60
11.0%	$-6.60	$-6.60	$-6.60	$-6.60	$-6.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.44

Book Value / share($)Yahoo: $30.89

Results

Graham Number$41.18

Current Price$44.77

Margin of Safety-8.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.69%

Terminal growth rate(%)

Computed WACC: 8.69%

Cost of equity (Re)8.35%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)13.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.58%

Debt weight (D/V)14.42%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$44.77

Implied Near-term FCF Growth—

Historical Revenue Growth3.4%

Historical Earnings Growth9.5%

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: $0.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.18

Current Price$44.77

Upside / Downside-70.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $20.90M

Target EV/EBITDA multipleCurrent: 9.4×

Net Debt($B)Default: $25.12M

Results

Implied Equity Value / share$44.77

Current Price$44.77

Upside / Downside+0.0%

Implied EV$195.55M

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

Mult \ Net Debt	-$1.97B	-$974.88M	$25.12M	$1.03B	$2.03B
5.4x	$548.20	$285.51	$22.81	$-239.88	$-502.57
7.4x	$559.18	$296.49	$33.79	$-228.90	$-491.59
9.4x	$570.16	$307.46	$44.77	$-217.92	$-480.61
11.4x	$581.14	$318.44	$55.75	$-206.94	$-469.64
13.4x	$592.12	$329.42	$66.73	$-195.96	$-458.66

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