AP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.11)
DCF	$23.45	+157.4%
Graham Number	—	—
Reverse DCF	—	implied g: 1.0%
DDM	—	—
EV/EBITDA	$9.82	+7.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.39M

Near-term growth (yrs 1–5)(%)Rev: 12.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.41%

Computed WACC: 8.41%

Cost of equity (Re)8.80%(Rf 4.30% + β 0.82 × ERP 5.50%)

Cost of debt (Rd)9.98%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)56.97%

Debt weight (D/V)43.03%

Results

Intrinsic Value / share$26.72

Current Price$9.11

Upside / Downside+193.3%

Net Debt (used)$124.90M

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

WACC \ Near-term	4.3%	8.3%	12.3%	16.3%	20.3%
7.0%	$24.96	$30.95	$37.87	$45.80	$54.87
8.0%	$19.07	$23.86	$29.36	$35.68	$42.90
9.0%	$15.01	$18.96	$23.50	$28.71	$34.65
10.0%	$12.04	$15.38	$19.22	$23.62	$28.63
11.0%	$9.78	$12.66	$15.97	$19.75	$24.06

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.27

Book Value / share($)Yahoo: $2.97

Results

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

Graham Number—

Current Price$9.11

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.41%

Terminal growth rate(%)

Computed WACC: 8.41%

Cost of equity (Re)8.80%(Rf 4.30% + β 0.82 × ERP 5.50%)

Cost of debt (Rd)9.98%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)56.97%

Debt weight (D/V)43.03%

Results

Current Price$9.11

Implied Near-term FCF Growth-0.6%

Historical Revenue Growth12.3%

Historical Earnings Growth—

Base FCF (TTM)$22.39M

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$9.11

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $38.04M

Target EV/EBITDA multipleCurrent: 8.5×

Net Debt($B)Default: $124.90M

Results

Implied Equity Value / share$9.82

Current Price$9.11

Upside / Downside+7.8%

Implied EV$324.53M

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

Mult \ Net Debt	-$1.88B	-$875.10M	$124.90M	$1.12B	$2.12B
4.5x	$100.73	$51.53	$2.33	$-46.86	$-96.06
6.5x	$104.47	$55.28	$6.08	$-43.12	$-92.32
8.5x	$108.22	$59.02	$9.82	$-39.38	$-88.57
10.5x	$111.96	$62.76	$13.56	$-35.63	$-84.83
12.5x	$115.70	$66.50	$17.31	$-31.89	$-81.09

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