AKR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.99)
DCF	$27.86	+32.7%
Graham Number	$6.18	-70.5%
Reverse DCF	—	implied g: 11.9%
DDM	$16.48	-21.5%
EV/EBITDA	$24.07	+14.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $176.04M

Near-term growth (yrs 1–5)(%)Rev: 15.0% / EPS: -44.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.08%

Computed WACC: 8.08%

Cost of equity (Re)10.44%(Rf 4.30% + β 1.12 × ERP 5.50%)

Cost of debt (Rd)5.61%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.72%

Debt weight (D/V)39.28%

Results

Intrinsic Value / share$35.59

Current Price$20.99

Upside / Downside+69.5%

Net Debt (used)$1.88B

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

WACC \ Near-term	7.0%	11.0%	15.0%	19.0%	23.0%
7.0%	$30.54	$39.01	$48.75	$59.91	$72.63
8.0%	$21.89	$28.63	$36.38	$45.24	$55.34
9.0%	$15.94	$21.49	$27.86	$35.15	$43.44
10.0%	$11.59	$16.28	$21.65	$27.79	$34.77
11.0%	$8.28	$12.31	$16.93	$22.20	$28.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.10

Book Value / share($)Yahoo: $16.98

Results

Graham Number$6.18

Current Price$20.99

Margin of Safety-70.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.08%

Terminal growth rate(%)

Computed WACC: 8.08%

Cost of equity (Re)10.44%(Rf 4.30% + β 1.12 × ERP 5.50%)

Cost of debt (Rd)5.61%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.72%

Debt weight (D/V)39.28%

Results

Current Price$20.99

Implied Near-term FCF Growth9.2%

Historical Revenue Growth15.0%

Historical Earnings Growth-44.1%

Base FCF (TTM)$176.04M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$20.99

Upside / Downside-21.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $234.26M

Target EV/EBITDA multipleCurrent: 21.5×

Net Debt($B)Default: $1.88B

Results

Implied Equity Value / share$24.07

Current Price$20.99

Upside / Downside+14.7%

Implied EV$5.03B

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

Mult \ Net Debt	$1.88B	$1.88B	$1.88B	$1.88B	$1.88B
17.5x	$16.92	$16.92	$16.92	$16.92	$16.92
19.5x	$20.50	$20.50	$20.50	$20.50	$20.50
21.5x	$24.07	$24.07	$24.07	$24.07	$24.07
23.5x	$27.65	$27.65	$27.65	$27.65	$27.65
25.5x	$31.22	$31.22	$31.22	$31.22	$31.22

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