AIRI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.31)
DCF	$-32.69	-1087.5%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$3.37	+1.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$7.22M

Near-term growth (yrs 1–5)(%)Rev: -17.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.58%

Computed WACC: 1.58%

Cost of equity (Re)4.53%(Rf 4.30% + β 0.04 × 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)34.86%

Debt weight (D/V)65.14%

Results

Intrinsic Value / share—

Current Price$3.31

Upside / Downside—

Net Debt (used)$29.44M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-32.91	$-38.32	$-44.62	$-51.90	$-60.29
8.0%	$-28.15	$-32.51	$-37.57	$-43.41	$-50.14
9.0%	$-24.85	$-28.48	$-32.69	$-37.54	$-43.12
10.0%	$-22.43	$-25.53	$-29.11	$-33.24	$-37.98
11.0%	$-20.58	$-23.27	$-26.37	$-29.95	$-34.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.53

Book Value / share($)Yahoo: $3.95

Results

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

Graham Number—

Current Price$3.31

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.58%

Terminal growth rate(%)

Computed WACC: 1.58%

Cost of equity (Re)4.53%(Rf 4.30% + β 0.04 × 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)34.86%

Debt weight (D/V)65.14%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.31

Implied Near-term FCF Growth—

Historical Revenue Growth-17.9%

Historical Earnings Growth—

Base FCF (TTM)-$7.22M

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$3.31

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.02M

Target EV/EBITDA multipleCurrent: 22.5×

Net Debt($B)Default: $29.44M

Results

Implied Equity Value / share$3.37

Current Price$3.31

Upside / Downside+1.7%

Implied EV$45.54M

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

Mult \ Net Debt	-$1.97B	-$970.56M	$29.44M	$1.03B	$2.03B
18.5x	$419.99	$210.83	$1.67	$-207.49	$-416.65
20.5x	$420.84	$211.68	$2.52	$-206.64	$-415.80
22.5x	$421.68	$212.53	$3.37	$-205.79	$-414.95
24.5x	$422.53	$213.37	$4.21	$-204.95	$-414.10
26.5x	$423.38	$214.22	$5.06	$-204.10	$-413.26

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