ARQT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.45)
DCF	$-112.50	-560.2%
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: -$15.41M

Near-term growth (yrs 1–5)(%)Rev: 81.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.37%

Computed WACC: 13.37%

Cost of equity (Re)13.88%(Rf 4.30% + β 1.74 × 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)96.33%

Debt weight (D/V)3.67%

Results

Intrinsic Value / share$-52.45

Current Price$24.45

Upside / Downside-314.6%

Net Debt (used)-$106.76M

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

WACC \ Near-term	73.5%	77.5%	81.5%	85.5%	89.5%
7.0%	$-146.50	$-164.20	$-183.56	$-204.69	$-227.73
8.0%	$-112.81	$-126.44	$-141.36	$-157.64	$-175.38
9.0%	$-89.92	$-100.79	$-112.69	$-125.67	$-139.81
10.0%	$-73.48	$-82.37	$-92.09	$-102.70	$-114.26
11.0%	$-61.18	$-68.59	$-76.69	$-85.53	$-95.16

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.34

Book Value / share($)Yahoo: $1.54

Results

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

Graham Number—

Current Price$24.45

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.37%

Terminal growth rate(%)

Computed WACC: 13.37%

Cost of equity (Re)13.88%(Rf 4.30% + β 1.74 × 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)96.33%

Debt weight (D/V)3.67%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$24.45

Implied Near-term FCF Growth—

Historical Revenue Growth81.5%

Historical Earnings Growth—

Base FCF (TTM)-$15.41M

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$24.45

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$7.56M

Target EV/EBITDA multipleCurrent: -392.1×

Net Debt($B)Default: -$106.76M

Results

Implied Equity Value / share$25.07

Current Price$24.45

Upside / Downside+2.6%

Implied EV$2.96B

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