AMS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.10)
DCF	$-45.11	-2248.0%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$2.71	+28.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$15.76M

Near-term growth (yrs 1–5)(%)Rev: 2.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.31%

Computed WACC: 6.31%

Cost of equity (Re)5.03%(Rf 4.30% + β 0.13 × ERP 5.50%)

Cost of debt (Rd)8.90%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)35.91%

Debt weight (D/V)64.09%

Results

Intrinsic Value / share$-75.22

Current Price$2.10

Upside / Downside-3682.1%

Net Debt (used)$19.52M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-45.47	$-54.06	$-64.06	$-75.63	$-88.96
8.0%	$-37.91	$-44.83	$-52.86	$-62.15	$-72.83
9.0%	$-32.67	$-38.43	$-45.11	$-52.82	$-61.68
10.0%	$-28.82	$-33.73	$-39.43	$-45.99	$-53.52
11.0%	$-25.88	$-30.15	$-35.08	$-40.77	$-47.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.35

Book Value / share($)Yahoo: $3.77

Results

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

Graham Number—

Current Price$2.10

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.31%

Terminal growth rate(%)

Computed WACC: 6.31%

Cost of equity (Re)5.03%(Rf 4.30% + β 0.13 × ERP 5.50%)

Cost of debt (Rd)8.90%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)35.91%

Debt weight (D/V)64.09%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.10

Implied Near-term FCF Growth—

Historical Revenue Growth2.5%

Historical Earnings Growth—

Base FCF (TTM)-$15.76M

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$2.10

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.64M

Target EV/EBITDA multipleCurrent: 5.6×

Net Debt($B)Default: $19.52M

Results

Implied Equity Value / share$2.71

Current Price$2.10

Upside / Downside+28.9%

Implied EV$37.30M

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

Mult \ Net Debt	-$1.98B	-$980.48M	$19.52M	$1.02B	$2.02B
1.6x	$303.17	$150.91	$-1.34	$-153.59	$-305.85
3.6x	$305.19	$152.94	$0.68	$-151.57	$-303.82
5.6x	$307.21	$154.96	$2.71	$-149.55	$-301.80
7.6x	$309.24	$156.98	$4.73	$-147.52	$-299.78
9.6x	$311.26	$159.01	$6.75	$-145.50	$-297.75

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