ARAY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.55)
DCF	$-0.93	-269.4%
Graham Number	—	—
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: -$803,500

Near-term growth (yrs 1–5)(%)Rev: 16.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.62%

Computed WACC: 7.62%

Cost of equity (Re)10.63%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)8.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)24.73%

Debt weight (D/V)75.27%

Results

Intrinsic Value / share$-1.01

Current Price$0.55

Upside / Downside-282.4%

Net Debt (used)$83.04M

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

WACC \ Near-term	8.8%	12.8%	16.8%	20.8%	24.8%
7.0%	$-0.95	$-1.00	$-1.05	$-1.11	$-1.18
8.0%	$-0.90	$-0.94	$-0.98	$-1.03	$-1.09
9.0%	$-0.87	$-0.90	$-0.93	$-0.97	$-1.02
10.0%	$-0.84	$-0.87	$-0.90	$-0.93	$-0.97
11.0%	$-0.83	$-0.85	$-0.87	$-0.90	$-0.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.31

Book Value / share($)Yahoo: $0.45

Results

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

Graham Number—

Current Price$0.55

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.62%

Terminal growth rate(%)

Computed WACC: 7.62%

Cost of equity (Re)10.63%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)8.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)24.73%

Debt weight (D/V)75.27%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$0.55

Implied Near-term FCF Growth—

Historical Revenue Growth16.8%

Historical Earnings Growth—

Base FCF (TTM)-$803,500

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$0.55

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$1.70M

Target EV/EBITDA multipleCurrent: -87.4×

Net Debt($B)Default: $83.04M

Results

Implied Equity Value / share$0.55

Current Price$0.55

Upside / Downside-0.0%

Implied EV$148.55M

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