AIRTP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.31)
DCF	$372.32	+1828.1%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	$41.20	+113.4%
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: 6.21%

Computed WACC: 6.21%

Cost of equity (Re)6.33%(Rf 4.30% + β 0.37 × 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)68.73%

Debt weight (D/V)31.27%

Results

Intrinsic Value / share$699.19

Current Price$19.31

Upside / Downside+3520.9%

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%	$376.00	$463.58	$565.46	$683.38	$819.20
8.0%	$298.95	$369.43	$451.31	$545.95	$654.83
9.0%	$245.55	$304.24	$372.32	$450.90	$541.19
10.0%	$206.35	$256.42	$314.41	$381.26	$457.98
11.0%	$176.34	$219.84	$270.15	$328.07	$394.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.34

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

Results

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

Graham Number—

Current Price$19.31

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.21%

Terminal growth rate(%)

Computed WACC: 6.21%

Cost of equity (Re)6.33%(Rf 4.30% + β 0.37 × 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)68.73%

Debt weight (D/V)31.27%

Results

Current Price$19.31

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$19.31

Upside / Downside+113.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$2.91M

Target EV/EBITDA multipleCurrent: -80.2×

Net Debt($B)Default: $173.71M

Results

Implied Equity Value / share$19.46

Current Price$19.31

Upside / Downside+0.8%

Implied EV$232.97M

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