AMR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($182.69)
DCF	$102.02	-44.2%
Graham Number	—	—
Reverse DCF	—	implied g: 18.1%
DDM	—	—
EV/EBITDA	$182.69	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $51.74M

Near-term growth (yrs 1–5)(%)Rev: -15.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.08%

Computed WACC: 9.08%

Cost of equity (Re)9.15%(Rf 4.30% + β 0.88 × 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)99.21%

Debt weight (D/V)0.79%

Results

Intrinsic Value / share$101.15

Current Price$182.69

Upside / Downside-44.6%

Net Debt (used)-$396.80M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$102.63	$117.12	$133.96	$153.46	$175.92
8.0%	$89.89	$101.55	$115.09	$130.74	$148.74
9.0%	$81.06	$90.77	$102.02	$115.02	$129.95
10.0%	$74.58	$82.86	$92.45	$103.50	$116.19
11.0%	$69.61	$76.81	$85.13	$94.71	$105.69

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.75

Book Value / share($)Yahoo: $120.69

Results

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

Graham Number—

Current Price$182.69

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.08%

Terminal growth rate(%)

Computed WACC: 9.08%

Cost of equity (Re)9.15%(Rf 4.30% + β 0.88 × 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)99.21%

Debt weight (D/V)0.79%

Results

Current Price$182.69

Implied Near-term FCF Growth18.4%

Historical Revenue Growth-15.7%

Historical Earnings Growth—

Base FCF (TTM)$51.74M

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$182.69

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $136.58M

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: -$396.80M

Results

Implied Equity Value / share$182.69

Current Price$182.69

Upside / Downside+0.0%

Implied EV$1.94B

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

Mult \ Net Debt	-$2.40B	-$1.40B	-$396.80M	$603.20M	$1.60B
10.2x	$296.33	$218.16	$139.99	$61.82	$-16.35
12.2x	$317.68	$239.51	$161.34	$83.17	$5.00
14.2x	$339.03	$260.86	$182.69	$104.52	$26.36
16.2x	$360.39	$282.22	$204.05	$125.88	$47.71
18.2x	$381.74	$303.57	$225.40	$147.23	$69.06

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