APPF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($180.60)
DCF	$378.67	+109.7%
Graham Number	$36.28	-79.9%
Reverse DCF	—	implied g: 8.5%
DDM	—	—
EV/EBITDA	$267.10	+47.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $193.78M

Near-term growth (yrs 1–5)(%)Rev: 21.9% / EPS: -60.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.33%

Computed WACC: 8.33%

Cost of equity (Re)8.38%(Rf 4.30% + β 0.74 × 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)99.42%

Debt weight (D/V)0.58%

Results

Intrinsic Value / share$427.40

Current Price$180.60

Upside / Downside+136.7%

Net Debt (used)-$213.06M

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

WACC \ Near-term	13.9%	17.9%	21.9%	25.9%	29.9%
7.0%	$414.15	$486.98	$570.15	$664.73	$771.85
8.0%	$332.93	$390.53	$456.26	$530.95	$615.52
9.0%	$277.11	$324.27	$378.03	$439.10	$508.18
10.0%	$236.51	$276.08	$321.17	$372.34	$430.20
11.0%	$205.73	$239.56	$278.08	$321.78	$371.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.88

Book Value / share($)Yahoo: $15.08

Results

Graham Number$36.28

Current Price$180.60

Margin of Safety-79.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.33%

Terminal growth rate(%)

Computed WACC: 8.33%

Cost of equity (Re)8.38%(Rf 4.30% + β 0.74 × 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)99.42%

Debt weight (D/V)0.58%

Results

Current Price$180.60

Implied Near-term FCF Growth6.6%

Historical Revenue Growth21.9%

Historical Earnings Growth-60.6%

Base FCF (TTM)$193.78M

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$180.60

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $167.37M

Target EV/EBITDA multipleCurrent: 37.6×

Net Debt($B)Default: -$213.06M

Results

Implied Equity Value / share$267.10

Current Price$180.60

Upside / Downside+47.9%

Implied EV$6.29B

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

Mult \ Net Debt	-$2.21B	-$1.21B	-$213.06M	$786.94M	$1.79B
33.6x	$321.77	$280.68	$239.59	$198.49	$157.40
35.6x	$335.53	$294.43	$253.34	$212.25	$171.15
37.6x	$349.28	$308.19	$267.10	$226.00	$184.91
39.6x	$363.04	$321.95	$280.85	$239.76	$198.66
41.6x	$376.79	$335.70	$294.61	$253.51	$212.42

← Overview Financial Statements ← Companies