AIRT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.52)
DCF	$419.40	+1943.9%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
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: $74.46M

Near-term growth (yrs 1–5)(%)Rev: -8.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.05%

Computed WACC: 6.05%

Cost of equity (Re)6.49%(Rf 4.30% + β 0.40 × ERP 5.50%)

Cost of debt (Rd)7.51%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)20.76%

Debt weight (D/V)79.24%

Results

Intrinsic Value / share$826.29

Current Price$20.52

Upside / Downside+3926.7%

Net Debt (used)$173.71M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$423.55	$522.20	$636.97	$769.80	$922.79
8.0%	$336.75	$416.15	$508.39	$614.99	$737.64
9.0%	$276.60	$342.72	$419.40	$507.92	$609.63
10.0%	$232.44	$288.85	$354.17	$429.47	$515.90
11.0%	$198.64	$247.64	$304.31	$369.56	$444.35

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.45

Book Value / share($)Yahoo: $-0.43

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$20.52

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.05%

Terminal growth rate(%)

Computed WACC: 6.05%

Cost of equity (Re)6.49%(Rf 4.30% + β 0.40 × ERP 5.50%)

Cost of debt (Rd)7.51%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)20.76%

Debt weight (D/V)79.24%

Results

Current Price$20.52

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-8.7%

Historical Earnings Growth—

Base FCF (TTM)$74.46M

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$20.52

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$2.91M

Target EV/EBITDA multipleCurrent: -81.3×

Net Debt($B)Default: $173.71M

Results

Implied Equity Value / share$23.13

Current Price$20.52

Upside / Downside+12.7%

Implied EV$236.23M

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