AIRS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1.71)
DCF	$-0.69	-140.6%
Graham Number	—	—
Reverse DCF	—	implied g: 34.4%
DDM	—	—
EV/EBITDA	$1.71	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.02M

Near-term growth (yrs 1–5)(%)Rev: -17.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.77%

Computed WACC: 10.77%

Cost of equity (Re)19.27%(Rf 4.30% + β 2.72 × 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)55.91%

Debt weight (D/V)44.09%

Results

Intrinsic Value / share$-0.82

Current Price$1.71

Upside / Downside-147.8%

Net Debt (used)$78.81M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-0.69	$-0.57	$-0.44	$-0.28	$-0.10
8.0%	$-0.79	$-0.70	$-0.59	$-0.47	$-0.32
9.0%	$-0.86	$-0.78	$-0.69	$-0.59	$-0.47
10.0%	$-0.91	$-0.85	$-0.77	$-0.68	$-0.58
11.0%	$-0.95	$-0.90	$-0.83	$-0.75	$-0.67

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.30

Book Value / share($)Yahoo: $1.31

Results

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

Graham Number—

Current Price$1.71

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.77%

Terminal growth rate(%)

Computed WACC: 10.77%

Cost of equity (Re)19.27%(Rf 4.30% + β 2.72 × 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)55.91%

Debt weight (D/V)44.09%

Results

Current Price$1.71

Implied Near-term FCF Growth40.2%

Historical Revenue Growth-17.8%

Historical Earnings Growth—

Base FCF (TTM)$2.02M

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$1.71

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.62M

Target EV/EBITDA multipleCurrent: 40.1×

Net Debt($B)Default: $78.81M

Results

Implied Equity Value / share$1.71

Current Price$1.71

Upside / Downside-0.0%

Implied EV$185.57M

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

Mult \ Net Debt	-$1.92B	-$921.19M	$78.81M	$1.08B	$2.08B
36.1x	$33.45	$17.43	$1.41	$-14.60	$-30.62
38.1x	$33.59	$17.58	$1.56	$-14.45	$-30.47
40.1x	$33.74	$17.73	$1.71	$-14.31	$-30.32
42.1x	$33.89	$17.87	$1.86	$-14.16	$-30.17
44.1x	$34.04	$18.02	$2.01	$-14.01	$-30.03

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