AERT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.43)
DCF	$-0.04	-109.2%
Graham Number	—	—
Reverse DCF	—	implied g: 26.4%
DDM	—	—
EV/EBITDA	$0.43	-0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $558,000

Near-term growth (yrs 1–5)(%)Rev: -0.8% / EPS: -67.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.44%

Computed WACC: 1.44%

Cost of equity (Re)2.40%(Rf 4.30% + β -0.34 × 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)60.06%

Debt weight (D/V)39.94%

Results

Intrinsic Value / share—

Current Price$0.43

Upside / Downside—

Net Debt (used)$11.79M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-0.04	$0.00	$0.05	$0.10	$0.16
8.0%	$-0.07	$-0.04	$-0.00	$0.04	$0.09
9.0%	$-0.10	$-0.07	$-0.04	$-0.00	$0.04
10.0%	$-0.12	$-0.09	$-0.07	$-0.04	$-0.00
11.0%	$-0.13	$-0.11	$-0.09	$-0.06	$-0.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.08

Book Value / share($)Yahoo: $-0.02

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$0.43

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.44%

Terminal growth rate(%)

Computed WACC: 1.44%

Cost of equity (Re)2.40%(Rf 4.30% + β -0.34 × 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)60.06%

Debt weight (D/V)39.94%

Results

Current Price$0.43

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-0.8%

Historical Earnings Growth-67.8%

Base FCF (TTM)$558,000

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$0.43

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.08M

Target EV/EBITDA multipleCurrent: 10.8×

Net Debt($B)Default: $11.79M

Results

Implied Equity Value / share$0.43

Current Price$0.43

Upside / Downside-0.7%

Implied EV$33.22M

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

Mult \ Net Debt	-$1.99B	-$988.22M	$11.79M	$1.01B	$2.01B
6.8x	$40.01	$20.10	$0.18	$-19.74	$-39.65
8.8x	$40.14	$20.22	$0.30	$-19.61	$-39.53
10.8x	$40.26	$20.34	$0.43	$-19.49	$-39.41
12.8x	$40.38	$20.47	$0.55	$-19.37	$-39.28
14.8x	$40.51	$20.59	$0.67	$-19.24	$-39.16

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