ARTNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($33.78)
DCF	$-46.99	-239.1%
Graham Number	$34.40	+1.8%
Reverse DCF	—	—
DDM	$25.54	-24.4%
EV/EBITDA	$36.94	+9.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$15.16M

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 2.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.46%

Computed WACC: 5.46%

Cost of equity (Re)6.27%(Rf 4.30% + β 0.36 × ERP 5.50%)

Cost of debt (Rd)4.89%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.28%

Debt weight (D/V)33.72%

Results

Intrinsic Value / share$-81.17

Current Price$33.78

Upside / Downside-340.3%

Net Debt (used)$176.93M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-47.23	$-52.99	$-59.69	$-67.44	$-76.37
8.0%	$-42.16	$-46.80	$-52.18	$-58.40	$-65.56
9.0%	$-38.65	$-42.51	$-46.99	$-52.15	$-58.09
10.0%	$-36.08	$-39.37	$-43.18	$-47.58	$-52.62
11.0%	$-34.10	$-36.96	$-40.27	$-44.08	$-48.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.18

Book Value / share($)Yahoo: $24.13

Results

Graham Number$34.40

Current Price$33.78

Margin of Safety+1.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.46%

Terminal growth rate(%)

Computed WACC: 5.46%

Cost of equity (Re)6.27%(Rf 4.30% + β 0.36 × ERP 5.50%)

Cost of debt (Rd)4.89%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.28%

Debt weight (D/V)33.72%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$33.78

Implied Near-term FCF Growth—

Historical Revenue Growth4.6%

Historical Earnings Growth2.3%

Base FCF (TTM)-$15.16M

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: $1.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.54

Current Price$33.78

Upside / Downside-24.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $49.20M

Target EV/EBITDA multipleCurrent: 10.7×

Net Debt($B)Default: $176.93M

Results

Implied Equity Value / share$36.94

Current Price$33.78

Upside / Downside+9.3%

Implied EV$525.29M

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

Mult \ Net Debt	-$1.82B	-$823.07M	$176.93M	$1.18B	$2.18B
6.7x	$228.12	$122.09	$16.07	$-89.96	$-195.98
8.7x	$238.55	$132.53	$26.50	$-79.52	$-185.55
10.7x	$248.99	$142.96	$36.94	$-69.09	$-175.12
12.7x	$259.42	$153.39	$47.37	$-58.66	$-164.68
14.7x	$269.85	$163.83	$57.80	$-48.22	$-154.25

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