AMSF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($33.62)
DCF	$51.47	+53.1%
Graham Number	$27.99	-16.7%
Reverse DCF	—	implied g: 2.1%
DDM	$32.55	-3.2%
EV/EBITDA	$32.29	-4.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $37.76M

Near-term growth (yrs 1–5)(%)Rev: 10.2% / EPS: -19.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.35%

Computed WACC: 6.35%

Cost of equity (Re)6.35%(Rf 4.30% + β 0.37 × 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)99.92%

Debt weight (D/V)0.08%

Results

Intrinsic Value / share$86.43

Current Price$33.62

Upside / Downside+157.1%

Net Debt (used)-$75.67M

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

WACC \ Near-term	2.2%	6.2%	10.2%	14.2%	18.2%
7.0%	$53.26	$62.88	$74.01	$86.82	$101.49
8.0%	$44.09	$51.78	$60.67	$70.89	$82.59
9.0%	$37.75	$44.12	$51.47	$59.91	$69.56
10.0%	$33.11	$38.51	$44.74	$51.88	$60.04
11.0%	$29.57	$34.24	$39.61	$45.77	$52.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.60

Book Value / share($)Yahoo: $13.39

Results

Graham Number$27.99

Current Price$33.62

Margin of Safety-16.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.35%

Terminal growth rate(%)

Computed WACC: 6.35%

Cost of equity (Re)6.35%(Rf 4.30% + β 0.37 × 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)99.92%

Debt weight (D/V)0.08%

Results

Current Price$33.62

Implied Near-term FCF Growth-5.8%

Historical Revenue Growth10.2%

Historical Earnings Growth-19.2%

Base FCF (TTM)$37.76M

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: $1.58

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.55

Current Price$33.62

Upside / Downside-3.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $59.59M

Target EV/EBITDA multipleCurrent: 9.0×

Net Debt($B)Default: -$75.67M

Results

Implied Equity Value / share$32.29

Current Price$33.62

Upside / Downside-4.0%

Implied EV$535.32M

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

Mult \ Net Debt	-$2.08B	-$1.08B	-$75.67M	$924.33M	$1.92B
5.0x	$125.37	$72.53	$19.69	$-33.15	$-85.99
7.0x	$131.67	$78.83	$25.99	$-26.85	$-79.70
9.0x	$137.97	$85.13	$32.29	$-20.56	$-73.40
11.0x	$144.27	$91.43	$38.58	$-14.26	$-67.10
13.0x	$150.57	$97.72	$44.88	$-7.96	$-60.80

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