AIV — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.39)
DCF	$21.84	+397.5%
Graham Number	—	—
Reverse DCF	—	implied g: -14.3%
DDM	—	—
EV/EBITDA	$5.75	+31.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $210.91M

Near-term growth (yrs 1–5)(%)Rev: -0.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.71%

Computed WACC: 7.71%

Cost of equity (Re)11.54%(Rf 4.30% + β 1.32 × ERP 5.50%)

Cost of debt (Rd)6.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.70%

Debt weight (D/V)60.30%

Results

Intrinsic Value / share$28.28

Current Price$4.39

Upside / Downside+544.2%

Net Debt (used)$556.11M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$22.06	$27.30	$33.40	$40.46	$48.59
8.0%	$17.45	$21.67	$26.57	$32.23	$38.75
9.0%	$14.25	$17.77	$21.84	$26.54	$31.95
10.0%	$11.91	$14.90	$18.37	$22.38	$26.97
11.0%	$10.11	$12.71	$15.73	$19.19	$23.17

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.90

Book Value / share($)Yahoo: $0.44

Results

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

Graham Number—

Current Price$4.39

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.71%

Terminal growth rate(%)

Computed WACC: 7.71%

Cost of equity (Re)11.54%(Rf 4.30% + β 1.32 × ERP 5.50%)

Cost of debt (Rd)6.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.70%

Debt weight (D/V)60.30%

Results

Current Price$4.39

Implied Near-term FCF Growth-17.1%

Historical Revenue Growth-0.6%

Historical Earnings Growth—

Base FCF (TTM)$210.91M

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$4.39

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $85.86M

Target EV/EBITDA multipleCurrent: 16.1×

Net Debt($B)Default: $556.11M

Results

Implied Equity Value / share$5.75

Current Price$4.39

Upside / Downside+31.0%

Implied EV$1.38B

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

Mult \ Net Debt	-$1.44B	-$443.89M	$556.11M	$1.56B	$2.56B
12.1x	$17.25	$10.31	$3.37	$-3.57	$-10.51
14.1x	$18.44	$11.50	$4.56	$-2.38	$-9.32
16.1x	$19.63	$12.69	$5.75	$-1.19	$-8.13
18.1x	$20.83	$13.88	$6.94	$0.00	$-6.94
20.1x	$22.02	$15.08	$8.14	$1.19	$-5.75

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