AMN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.99)
DCF	$93.65	+346.1%
Graham Number	—	—
Reverse DCF	—	implied g: -12.4%
DDM	—	—
EV/EBITDA	$20.99	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $249.93M

Near-term growth (yrs 1–5)(%)Rev: 1.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.80%

Computed WACC: 2.80%

Cost of equity (Re)5.58%(Rf 4.30% + β 0.23 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)50.24%

Debt weight (D/V)49.76%

Results

Intrinsic Value / share$2471.24

Current Price$20.99

Upside / Downside+11673.4%

Net Debt (used)$769.23M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$94.62	$117.78	$144.72	$175.91	$211.83
8.0%	$74.24	$92.88	$114.54	$139.57	$168.36
9.0%	$60.12	$75.64	$93.65	$114.43	$138.31
10.0%	$49.75	$63.00	$78.33	$96.01	$116.30
11.0%	$41.82	$53.32	$66.63	$81.94	$99.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.48

Book Value / share($)Yahoo: $16.70

Results

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

Graham Number—

Current Price$20.99

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.80%

Terminal growth rate(%)

Computed WACC: 2.80%

Cost of equity (Re)5.58%(Rf 4.30% + β 0.23 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)50.24%

Debt weight (D/V)49.76%

Results

Current Price$20.99

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth1.8%

Historical Earnings Growth—

Base FCF (TTM)$249.93M

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$20.99

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $189.77M

Target EV/EBITDA multipleCurrent: 8.3×

Net Debt($B)Default: $769.23M

Results

Implied Equity Value / share$20.99

Current Price$20.99

Upside / Downside+0.0%

Implied EV$1.58B

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

Mult \ Net Debt	-$1.23B	-$230.77M	$769.23M	$1.77B	$2.77B
4.3x	$53.11	$27.23	$1.35	$-24.53	$-50.41
6.3x	$62.93	$37.05	$11.17	$-14.71	$-40.59
8.3x	$72.75	$46.87	$20.99	$-4.89	$-30.77
10.3x	$82.57	$56.69	$30.81	$4.93	$-20.94
12.3x	$92.39	$66.52	$40.64	$14.76	$-11.12

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