APPN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.58)
DCF	$90.56	+240.7%
Graham Number	—	—
Reverse DCF	—	implied g: 1.6%
DDM	—	—
EV/EBITDA	$46.16	+73.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $86.70M

Near-term growth (yrs 1–5)(%)Rev: 21.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.16%

Computed WACC: 8.16%

Cost of equity (Re)9.40%(Rf 4.30% + β 0.93 × 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)86.78%

Debt weight (D/V)13.22%

Results

Intrinsic Value / share$106.45

Current Price$26.58

Upside / Downside+300.5%

Net Debt (used)$112.48M

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

WACC \ Near-term	13.7%	17.7%	21.7%	25.7%	29.7%
7.0%	$99.41	$117.77	$138.74	$162.58	$189.60
8.0%	$78.98	$93.51	$110.08	$128.92	$150.25
9.0%	$64.95	$76.84	$90.40	$105.80	$123.23
10.0%	$54.74	$64.72	$76.09	$89.00	$103.60
11.0%	$47.00	$55.53	$65.25	$76.27	$88.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.10

Book Value / share($)Yahoo: $-0.64

Results

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

Graham Number—

Current Price$26.58

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.16%

Terminal growth rate(%)

Computed WACC: 8.16%

Cost of equity (Re)9.40%(Rf 4.30% + β 0.93 × 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)86.78%

Debt weight (D/V)13.22%

Results

Current Price$26.58

Implied Near-term FCF Growth-0.6%

Historical Revenue Growth21.7%

Historical Earnings Growth—

Base FCF (TTM)$86.70M

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$26.58

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $21.50M

Target EV/EBITDA multipleCurrent: 97.0×

Net Debt($B)Default: $112.48M

Results

Implied Equity Value / share$46.16

Current Price$26.58

Upside / Downside+73.7%

Implied EV$2.08B

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

Mult \ Net Debt	-$1.89B	-$887.52M	$112.48M	$1.11B	$2.11B
93.0x	$90.94	$67.54	$44.14	$20.74	$-2.66
95.0x	$91.95	$68.55	$45.15	$21.75	$-1.65
97.0x	$92.96	$69.56	$46.16	$22.76	$-0.64
99.0x	$93.96	$70.56	$47.16	$23.76	$0.36
101.0x	$94.97	$71.57	$48.17	$24.77	$1.37

← Overview Financial Statements ← Companies