APEI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.07)
DCF	$1073441218.80	+2330022081.0%
Graham Number	$21.34	-53.7%
Reverse DCF	—	implied g: -4.7%
DDM	—	—
EV/EBITDA	$46.07	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $81.61M

Near-term growth (yrs 1–5)(%)Rev: 6.6% / EPS: 650.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.21%

Computed WACC: 11.21%

Cost of equity (Re)13.45%(Rf 4.30% + β 1.66 × 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)83.37%

Debt weight (D/V)16.63%

Results

Intrinsic Value / share$673384274.51

Current Price$46.07

Upside / Downside+1461654500.6%

Net Debt (used)-$25.10M

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

WACC \ Near-term	642.0%	646.0%	650.0%	654.0%	658.0%
7.0%	$1725196745.35	$1772201998.38	$1820226289.51	$1869286098.64	$1919398082.42
8.0%	$1302253842.06	$1337735443.17	$1373986258.06	$1411018726.47	$1448845421.52
9.0%	$1017399541.31	$1045119902.16	$1073441218.80	$1102373209.89	$1131925698.31
10.0%	$814748283.80	$836947137.96	$859627245.72	$882796389.92	$906462436.83
11.0%	$664772354.34	$682884912.67	$701390136.73	$720294376.69	$739604050.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.31

Book Value / share($)Yahoo: $15.45

Results

Graham Number$21.34

Current Price$46.07

Margin of Safety-53.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.21%

Terminal growth rate(%)

Computed WACC: 11.21%

Cost of equity (Re)13.45%(Rf 4.30% + β 1.66 × 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)83.37%

Debt weight (D/V)16.63%

Results

Current Price$46.07

Implied Near-term FCF Growth-0.0%

Historical Revenue Growth6.6%

Historical Earnings Growth650.0%

Base FCF (TTM)$81.61M

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$46.07

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $74.00M

Target EV/EBITDA multipleCurrent: 10.9×

Net Debt($B)Default: -$25.10M

Results

Implied Equity Value / share$46.07

Current Price$46.07

Upside / Downside+0.0%

Implied EV$808.11M

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

Mult \ Net Debt	-$2.03B	-$1.03B	-$25.10M	$974.90M	$1.97B
6.9x	$140.29	$85.00	$29.71	$-25.59	$-80.88
8.9x	$148.48	$93.18	$37.89	$-17.41	$-72.70
10.9x	$156.66	$101.37	$46.07	$-9.22	$-64.52
12.9x	$164.84	$109.55	$54.26	$-1.04	$-56.33
14.9x	$173.03	$117.73	$62.44	$7.14	$-48.15

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