AOUT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.00)
DCF	$-6.43	-171.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$9.00	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.90M

Near-term growth (yrs 1–5)(%)Rev: -5.0% / EPS: -33.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.03%

Computed WACC: 5.03%

Cost of equity (Re)6.49%(Rf 4.30% + β 0.40 × 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)77.47%

Debt weight (D/V)22.53%

Results

Intrinsic Value / share$-12.85

Current Price$9.00

Upside / Downside-242.8%

Net Debt (used)$30.02M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-6.46	$-7.29	$-8.25	$-9.36	$-10.63
8.0%	$-5.74	$-6.40	$-7.17	$-8.06	$-9.09
9.0%	$-5.23	$-5.79	$-6.43	$-7.17	$-8.02
10.0%	$-4.86	$-5.34	$-5.88	$-6.51	$-7.23
11.0%	$-4.58	$-4.99	$-5.47	$-6.01	$-6.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.44

Book Value / share($)Yahoo: $13.49

Results

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

Graham Number—

Current Price$9.00

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.03%

Terminal growth rate(%)

Computed WACC: 5.03%

Cost of equity (Re)6.49%(Rf 4.30% + β 0.40 × 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)77.47%

Debt weight (D/V)22.53%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$9.00

Implied Near-term FCF Growth—

Historical Revenue Growth-5.0%

Historical Earnings Growth-33.3%

Base FCF (TTM)-$2.90M

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$9.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $7.75M

Target EV/EBITDA multipleCurrent: 18.5×

Net Debt($B)Default: $30.02M

Results

Implied Equity Value / share$9.00

Current Price$9.00

Upside / Downside-0.0%

Implied EV$143.30M

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

Mult \ Net Debt	-$1.97B	-$969.98M	$30.02M	$1.03B	$2.03B
14.5x	$165.43	$85.98	$6.54	$-72.91	$-152.36
16.5x	$166.66	$87.21	$7.77	$-71.68	$-151.12
18.5x	$167.89	$88.45	$9.00	$-70.45	$-149.89
20.5x	$169.12	$89.68	$10.23	$-69.22	$-148.66
22.5x	$170.35	$90.91	$11.46	$-67.98	$-147.43

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