AIRG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.38)
DCF	$-1.51	-134.5%
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: -$1.18M

Near-term growth (yrs 1–5)(%)Rev: -19.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.85%

Computed WACC: 8.85%

Cost of equity (Re)9.65%(Rf 4.30% + β 0.97 × 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)91.76%

Debt weight (D/V)8.24%

Results

Intrinsic Value / share$-1.55

Current Price$4.38

Upside / Downside-135.4%

Net Debt (used)-$2.66M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-1.53	$-1.88	$-2.29	$-2.77	$-3.31
8.0%	$-1.21	$-1.50	$-1.83	$-2.21	$-2.65
9.0%	$-1.00	$-1.24	$-1.51	$-1.83	$-2.19
10.0%	$-0.84	$-1.04	$-1.28	$-1.55	$-1.86
11.0%	$-0.72	$-0.90	$-1.10	$-1.33	$-1.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.51

Book Value / share($)Yahoo: $2.33

Results

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

Graham Number—

Current Price$4.38

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.85%

Terminal growth rate(%)

Computed WACC: 8.85%

Cost of equity (Re)9.65%(Rf 4.30% + β 0.97 × 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)91.76%

Debt weight (D/V)8.24%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$4.38

Implied Near-term FCF Growth—

Historical Revenue Growth-19.6%

Historical Earnings Growth—

Base FCF (TTM)-$1.18M

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$4.38

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$4.50M

Target EV/EBITDA multipleCurrent: -10.8×

Net Debt($B)Default: -$2.66M

Results

Implied Equity Value / share$4.29

Current Price$4.38

Upside / Downside-1.9%

Implied EV$48.68M

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