AIN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($59.61)
DCF	$8.33	-86.0%
Graham Number	—	—
Reverse DCF	—	implied g: 34.6%
DDM	$23.07	-61.3%
EV/EBITDA	$59.07	-0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.04M

Near-term growth (yrs 1–5)(%)Rev: 12.0% / EPS: -15.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.56%

Computed WACC: 8.56%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × 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)79.40%

Debt weight (D/V)20.60%

Results

Intrinsic Value / share$9.93

Current Price$59.61

Upside / Downside-83.3%

Net Debt (used)$343.31M

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

WACC \ Near-term	4.0%	8.0%	12.0%	16.0%	20.0%
7.0%	$9.29	$13.40	$18.14	$23.58	$29.80
8.0%	$5.28	$8.55	$12.33	$16.66	$21.62
9.0%	$2.51	$5.21	$8.33	$11.90	$15.98
10.0%	$0.48	$2.77	$5.41	$8.42	$11.87
11.0%	$-1.06	$0.91	$3.18	$5.78	$8.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.81

Book Value / share($)Yahoo: $25.66

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$59.61

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.56%

Terminal growth rate(%)

Computed WACC: 8.56%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × 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)79.40%

Debt weight (D/V)20.60%

Results

Current Price$59.61

Implied Near-term FCF Growth33.0%

Historical Revenue Growth12.0%

Historical Earnings Growth-15.2%

Base FCF (TTM)$22.04M

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: $1.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.07

Current Price$59.61

Upside / Downside-61.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $65.49M

Target EV/EBITDA multipleCurrent: 31.1×

Net Debt($B)Default: $343.31M

Results

Implied Equity Value / share$59.07

Current Price$59.61

Upside / Downside-0.9%

Implied EV$2.04B

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

Mult \ Net Debt	-$1.66B	-$656.69M	$343.31M	$1.34B	$2.34B
27.1x	$119.70	$84.81	$49.93	$15.04	$-19.85
29.1x	$124.27	$89.38	$54.50	$19.61	$-15.28
31.1x	$128.84	$93.95	$59.07	$24.18	$-10.71
33.1x	$133.41	$98.52	$63.64	$28.75	$-6.14
35.1x	$137.98	$103.09	$68.21	$33.32	$-1.57

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