AORT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($38.55)
DCF	$-20.79	-153.9%
Graham Number	$6.65	-82.7%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$38.55	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$20.10M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.70%

Computed WACC: 11.70%

Cost of equity (Re)13.34%(Rf 4.30% + β 1.64 × 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)87.72%

Debt weight (D/V)12.28%

Results

Intrinsic Value / share$-15.23

Current Price$38.55

Upside / Downside-139.5%

Net Debt (used)$193.61M

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

WACC \ Near-term	11.2%	15.2%	19.2%	23.2%	27.2%
7.0%	$-22.21	$-25.53	$-29.35	$-33.69	$-38.63
8.0%	$-18.62	$-21.25	$-24.27	$-27.71	$-31.62
9.0%	$-16.15	$-18.31	$-20.79	$-23.60	$-26.80
10.0%	$-14.35	$-16.17	$-18.25	$-20.61	$-23.30
11.0%	$-12.98	$-14.54	$-16.32	$-18.35	$-20.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.21

Book Value / share($)Yahoo: $9.37

Results

Graham Number$6.65

Current Price$38.55

Margin of Safety-82.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.70%

Terminal growth rate(%)

Computed WACC: 11.70%

Cost of equity (Re)13.34%(Rf 4.30% + β 1.64 × 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)87.72%

Debt weight (D/V)12.28%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$38.55

Implied Near-term FCF Growth—

Historical Revenue Growth19.2%

Historical Earnings Growth—

Base FCF (TTM)-$20.10M

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$38.55

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $53.80M

Target EV/EBITDA multipleCurrent: 37.9×

Net Debt($B)Default: $193.61M

Results

Implied Equity Value / share$38.55

Current Price$38.55

Upside / Downside+0.0%

Implied EV$2.04B

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

Mult \ Net Debt	-$1.81B	-$806.39M	$193.61M	$1.19B	$2.19B
33.9x	$75.82	$54.94	$34.06	$13.17	$-7.71
35.9x	$78.07	$57.19	$36.30	$15.42	$-5.46
37.9x	$80.32	$59.43	$38.55	$17.67	$-3.22
39.9x	$82.57	$61.68	$40.80	$19.91	$-0.97
41.9x	$84.81	$63.93	$43.04	$22.16	$1.28

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