AHT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.02)
DCF	$-407.10	-13580.1%
Graham Number	—	—
Reverse DCF	—	implied g: 55.2%
DDM	—	—
EV/EBITDA	$42.52	+1307.9%

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: 7.21%

Computed WACC: 7.21%

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)0.69%

Debt weight (D/V)99.31%

Results

Intrinsic Value / share$-396.02

Current Price$3.02

Upside / Downside-13213.2%

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%	$-406.85	$-400.98	$-394.14	$-386.23	$-377.12
8.0%	$-412.02	$-407.29	$-401.80	$-395.45	$-388.14
9.0%	$-415.61	$-411.67	$-407.10	$-401.83	$-395.77
10.0%	$-418.24	$-414.88	$-410.98	$-406.50	$-401.35
11.0%	$-420.25	$-417.33	$-413.95	$-410.07	$-405.61

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-51.86

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$3.02

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.21%

Terminal growth rate(%)

Computed WACC: 7.21%

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)0.69%

Debt weight (D/V)99.31%

Results

Current Price$3.02

Implied Near-term FCF Growth47.1%

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: —

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$3.02

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $200.45M

Target EV/EBITDA multipleCurrent: 15.3×

Net Debt($B)Default: $2.79B

Results

Implied Equity Value / share$42.52

Current Price$3.02

Upside / Downside+1307.9%

Implied EV$3.07B

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

Mult \ Net Debt	$794.84M	$1.79B	$2.79B	$3.79B	$4.79B
11.3x	$229.40	$73.43	$-82.54	$-238.50	$-394.47
13.3x	$291.93	$135.96	$-20.01	$-175.98	$-331.95
15.3x	$354.46	$198.49	$42.52	$-113.45	$-269.42
17.3x	$416.98	$261.02	$105.05	$-50.92	$-206.89
19.3x	$479.51	$323.54	$167.57	$11.60	$-144.36

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