ANDE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($66.68)
DCF	$-1184.81	-1876.9%
Graham Number	$48.28	-27.6%
Reverse DCF	—	—
DDM	$16.48	-75.3%
EV/EBITDA	$67.40	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$177.20M

Near-term growth (yrs 1–5)(%)Rev: -18.8% / EPS: 51.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.90%

Computed WACC: 5.90%

Cost of equity (Re)8.44%(Rf 4.30% + β 0.75 × 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)69.91%

Debt weight (D/V)30.09%

Results

Intrinsic Value / share$-2599.83

Current Price$66.68

Upside / Downside-3999.0%

Net Debt (used)$869.42M

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

WACC \ Near-term	43.4%	47.4%	51.4%	55.4%	59.4%
7.0%	$-1434.63	$-1639.42	$-1867.50	$-2120.81	$-2401.38
8.0%	$-1125.13	$-1284.34	$-1461.62	$-1658.47	$-1876.47
9.0%	$-914.02	$-1042.16	$-1184.81	$-1343.17	$-1518.52
10.0%	$-761.71	$-867.45	$-985.14	$-1115.76	$-1260.36
11.0%	$-647.27	$-736.20	$-835.14	$-944.93	$-1066.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.79

Book Value / share($)Yahoo: $37.13

Results

Graham Number$48.28

Current Price$66.68

Margin of Safety-27.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.90%

Terminal growth rate(%)

Computed WACC: 5.90%

Cost of equity (Re)8.44%(Rf 4.30% + β 0.75 × 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)69.91%

Debt weight (D/V)30.09%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$66.68

Implied Near-term FCF Growth—

Historical Revenue Growth-18.8%

Historical Earnings Growth51.4%

Base FCF (TTM)-$177.20M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$66.68

Upside / Downside-75.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $266.24M

Target EV/EBITDA multipleCurrent: 11.8×

Net Debt($B)Default: $869.42M

Results

Implied Equity Value / share$67.40

Current Price$66.68

Upside / Downside+1.1%

Implied EV$3.15B

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

Mult \ Net Debt	-$1.13B	-$130.58M	$869.42M	$1.87B	$2.87B
7.8x	$94.99	$65.48	$35.96	$6.45	$-23.07
9.8x	$110.71	$81.20	$51.68	$22.16	$-7.35
11.8x	$126.43	$96.91	$67.40	$37.88	$8.36
13.8x	$142.14	$112.63	$83.11	$53.60	$24.08
15.8x	$157.86	$128.35	$98.83	$69.31	$39.80

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