APVO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.09)
DCF	$-170.94	-2511.0%
Graham Number	$1989.29	+27957.6%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$16.13M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.69%

Computed WACC: 8.69%

Cost of equity (Re)12.45%(Rf 4.30% + β 1.48 × 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)69.80%

Debt weight (D/V)30.20%

Results

Intrinsic Value / share$-180.13

Current Price$7.09

Upside / Downside-2640.6%

Net Debt (used)-$16.27M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-172.50	$-209.48	$-252.52	$-302.32	$-359.69
8.0%	$-139.95	$-169.72	$-204.30	$-244.28	$-290.26
9.0%	$-117.39	$-142.18	$-170.94	$-204.13	$-242.26
10.0%	$-100.84	$-121.99	$-146.48	$-174.71	$-207.12
11.0%	$-88.16	$-106.53	$-127.78	$-152.25	$-180.29

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7758.20

Book Value / share($)Yahoo: $22.67

Results

Graham Number$1989.29

Current Price$7.09

Margin of Safety+27957.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.69%

Terminal growth rate(%)

Computed WACC: 8.69%

Cost of equity (Re)12.45%(Rf 4.30% + β 1.48 × 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)69.80%

Debt weight (D/V)30.20%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$7.09

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$16.13M

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$7.09

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$26.47M

Target EV/EBITDA multipleCurrent: 0.4×

Net Debt($B)Default: -$16.27M

Results

Implied Equity Value / share$4.25

Current Price$7.09

Upside / Downside-40.1%

Implied EV-$9.63M

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