ARMP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.61)
DCF	$-16.64	-243.3%
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: -$25.22M

Near-term growth (yrs 1–5)(%)Rev: -61.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.40%

Computed WACC: 8.40%

Cost of equity (Re)11.93%(Rf 4.30% + β 1.39 × 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)70.40%

Debt weight (D/V)29.60%

Results

Intrinsic Value / share$-17.89

Current Price$11.61

Upside / Downside-254.1%

Net Debt (used)$162.93M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-16.74	$-19.22	$-22.11	$-25.45	$-29.29
8.0%	$-14.56	$-16.55	$-18.87	$-21.55	$-24.64
9.0%	$-13.05	$-14.71	$-16.64	$-18.86	$-21.42
10.0%	$-11.94	$-13.35	$-15.00	$-16.89	$-19.06
11.0%	$-11.09	$-12.32	$-13.74	$-15.38	$-17.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.66

Book Value / share($)Yahoo: $-2.64

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$11.61

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.40%

Terminal growth rate(%)

Computed WACC: 8.40%

Cost of equity (Re)11.93%(Rf 4.30% + β 1.39 × 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)70.40%

Debt weight (D/V)29.60%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$11.61

Implied Near-term FCF Growth—

Historical Revenue Growth-61.0%

Historical Earnings Growth—

Base FCF (TTM)-$25.22M

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$11.61

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$31.86M

Target EV/EBITDA multipleCurrent: -18.4×

Net Debt($B)Default: $162.93M

Results

Implied Equity Value / share$11.59

Current Price$11.61

Upside / Downside-0.2%

Implied EV$584.70M

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