ARRY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.57)
DCF	$4.49	-40.7%
Graham Number	—	—
Reverse DCF	—	implied g: 10.6%
DDM	—	—
EV/EBITDA	$10.63	+40.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $68.79M

Near-term growth (yrs 1–5)(%)Rev: -17.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.61%

Computed WACC: 8.61%

Cost of equity (Re)14.32%(Rf 4.30% + β 1.82 × 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)60.15%

Debt weight (D/V)39.85%

Results

Intrinsic Value / share$5.00

Current Price$7.57

Upside / Downside-33.9%

Net Debt (used)$521.81M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$4.56	$6.17	$8.05	$10.22	$12.72
8.0%	$3.14	$4.44	$5.95	$7.69	$9.69
9.0%	$2.16	$3.24	$4.49	$5.94	$7.60
10.0%	$1.43	$2.36	$3.42	$4.66	$6.07
11.0%	$0.88	$1.68	$2.61	$3.68	$4.90

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.61

Book Value / share($)Yahoo: $-1.35

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$7.57

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.61%

Terminal growth rate(%)

Computed WACC: 8.61%

Cost of equity (Re)14.32%(Rf 4.30% + β 1.82 × 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)60.15%

Debt weight (D/V)39.85%

Results

Current Price$7.57

Implied Near-term FCF Growth9.5%

Historical Revenue Growth-17.9%

Historical Earnings Growth—

Base FCF (TTM)$68.79M

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$7.57

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $143.63M

Target EV/EBITDA multipleCurrent: 14.9×

Net Debt($B)Default: $521.81M

Results

Implied Equity Value / share$10.63

Current Price$7.57

Upside / Downside+40.4%

Implied EV$2.15B

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

Mult \ Net Debt	-$1.48B	-$478.19M	$521.81M	$1.52B	$2.52B
10.9x	$19.96	$13.42	$6.87	$0.32	$-6.22
12.9x	$21.84	$15.30	$8.75	$2.20	$-4.34
14.9x	$23.72	$17.18	$10.63	$4.08	$-2.46
16.9x	$25.60	$19.06	$12.51	$5.96	$-0.58
18.9x	$27.49	$20.94	$14.39	$7.85	$1.30

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