ALCO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($40.58)
DCF	$15.88	-60.9%
Graham Number	—	—
Reverse DCF	—	implied g: 17.8%
DDM	$4.12	-89.8%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $9.81M

Near-term growth (yrs 1–5)(%)Rev: -88.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.91%

Computed WACC: 8.91%

Cost of equity (Re)10.10%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)5.81%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.42%

Debt weight (D/V)21.58%

Results

Intrinsic Value / share$16.19

Current Price$40.58

Upside / Downside-60.1%

Net Debt (used)$50.74M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$16.07	$20.66	$26.00	$32.18	$39.30
8.0%	$12.03	$15.72	$20.02	$24.98	$30.68
9.0%	$9.23	$12.31	$15.88	$19.99	$24.73
10.0%	$7.18	$9.80	$12.84	$16.34	$20.36
11.0%	$5.60	$7.88	$10.52	$13.56	$17.04

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-18.54

Book Value / share($)Yahoo: $13.01

Results

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

Graham Number—

Current Price$40.58

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.91%

Terminal growth rate(%)

Computed WACC: 8.91%

Cost of equity (Re)10.10%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)5.81%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.42%

Debt weight (D/V)21.58%

Results

Current Price$40.58

Implied Near-term FCF Growth17.5%

Historical Revenue Growth-88.8%

Historical Earnings Growth—

Base FCF (TTM)$9.81M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$40.58

Upside / Downside-89.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$15.47M

Target EV/EBITDA multipleCurrent: -24.1×

Net Debt($B)Default: $50.74M

Results

Implied Equity Value / share$42.13

Current Price$40.58

Upside / Downside+3.8%

Implied EV$373.34M

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