AMRC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($30.95)
DCF	$-231.71	-848.7%
Graham Number	$23.15	-25.2%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$47.36	+53.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$304.09M

Near-term growth (yrs 1–5)(%)Rev: 5.0% / EPS: 6.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.26%

Computed WACC: 7.26%

Cost of equity (Re)18.21%(Rf 4.30% + β 2.53 × 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)39.88%

Debt weight (D/V)60.12%

Results

Intrinsic Value / share$-292.60

Current Price$30.95

Upside / Downside-1045.4%

Net Debt (used)$2.37B

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

WACC \ Near-term	-1.9%	2.1%	6.1%	10.1%	14.1%
7.0%	$-233.85	$-267.14	$-305.81	$-350.51	$-401.94
8.0%	$-204.06	$-230.81	$-261.85	$-297.68	$-338.86
9.0%	$-183.42	$-205.67	$-231.45	$-261.17	$-295.28
10.0%	$-168.29	$-187.24	$-209.17	$-234.43	$-263.39
11.0%	$-156.71	$-173.16	$-192.16	$-214.02	$-239.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.19

Book Value / share($)Yahoo: $20.01

Results

Graham Number$23.15

Current Price$30.95

Margin of Safety-25.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.26%

Terminal growth rate(%)

Computed WACC: 7.26%

Cost of equity (Re)18.21%(Rf 4.30% + β 2.53 × 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)39.88%

Debt weight (D/V)60.12%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$30.95

Implied Near-term FCF Growth—

Historical Revenue Growth5.0%

Historical Earnings Growth6.1%

Base FCF (TTM)-$304.09M

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$30.95

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $204.44M

Target EV/EBITDA multipleCurrent: 19.6×

Net Debt($B)Default: $2.37B

Results

Implied Equity Value / share$47.36

Current Price$30.95

Upside / Downside+53.0%

Implied EV$4.02B

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

Mult \ Net Debt	$368.47M	$1.37B	$2.37B	$3.37B	$4.37B
15.6x	$81.33	$52.60	$23.86	$-4.88	$-33.62
17.6x	$93.09	$64.35	$35.61	$6.87	$-21.87
19.6x	$104.84	$76.10	$47.36	$18.62	$-10.12
21.6x	$116.59	$87.85	$59.11	$30.37	$1.64
23.6x	$128.34	$99.60	$70.86	$42.12	$13.39

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