ADCT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.18)
DCF	$-14.16	-438.8%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$87.25M

Near-term growth (yrs 1–5)(%)Rev: -11.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.06%

Computed WACC: 12.06%

Cost of equity (Re)15.05%(Rf 4.30% + β 1.95 × ERP 5.50%)

Cost of debt (Rd)10.98%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.10%

Debt weight (D/V)46.90%

Results

Intrinsic Value / share$-10.16

Current Price$4.18

Upside / Downside-343.1%

Net Debt (used)$222.70M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-14.27	$-16.79	$-19.72	$-23.12	$-27.03
8.0%	$-12.05	$-14.08	$-16.44	$-19.16	$-22.30
9.0%	$-10.51	$-12.20	$-14.16	$-16.43	$-19.03
10.0%	$-9.38	$-10.82	$-12.49	$-14.42	$-16.63
11.0%	$-8.52	$-9.77	$-11.22	$-12.89	$-14.80

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.41

Book Value / share($)Yahoo: $-2.12

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$4.18

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.06%

Terminal growth rate(%)

Computed WACC: 12.06%

Cost of equity (Re)15.05%(Rf 4.30% + β 1.95 × ERP 5.50%)

Cost of debt (Rd)10.98%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.10%

Debt weight (D/V)46.90%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$4.18

Implied Near-term FCF Growth—

Historical Revenue Growth-11.0%

Historical Earnings Growth—

Base FCF (TTM)-$87.25M

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$4.18

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$121.50M

Target EV/EBITDA multipleCurrent: -6.1×

Net Debt($B)Default: $222.70M

Results

Implied Equity Value / share$4.18

Current Price$4.18

Upside / Downside+0.0%

Implied EV$740.55M

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