AHT-PF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.34)
DCF	—	—
Graham Number	—	—
Reverse DCF	—	implied g: 65.0%
DDM	$37.90	+354.5%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $10.52M

Near-term growth (yrs 1–5)(%)Rev: -5.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.47%

Computed WACC: 7.47%

Cost of equity (Re)13.46%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)9.07%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)4.75%

Debt weight (D/V)95.25%

Results

Intrinsic Value / share—

Current Price$8.34

Upside / Downside—

Net Debt (used)$2.79B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	—	—	—	—	—
8.0%	—	—	—	—	—
9.0%	—	—	—	—	—
10.0%	—	—	—	—	—
11.0%	—	—	—	—	—

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-8.49

Book Value / share($)Yahoo: $-88.71

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$8.34

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.47%

Terminal growth rate(%)

Computed WACC: 7.47%

Cost of equity (Re)13.46%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)9.07%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)4.75%

Debt weight (D/V)95.25%

Results

Current Price$8.34

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-5.5%

Historical Earnings Growth—

Base FCF (TTM)$10.52M

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: $1.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.90

Current Price$8.34

Upside / Downside+354.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $200.45M

Target EV/EBITDA multipleCurrent: 15.5×

Net Debt($B)Default: $2.79B

Results

Implied Equity Value / share—

Current Price$8.34

Upside / Downside—

Implied EV$3.10B

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