ARTW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.33)
DCF	$-11.03	-573.4%
Graham Number	$3.42	+46.9%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$2.33	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.89M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.52%

Computed WACC: 5.52%

Cost of equity (Re)8.45%(Rf 4.30% + β 0.75 × 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)65.31%

Debt weight (D/V)34.69%

Results

Intrinsic Value / share$-22.46

Current Price$2.33

Upside / Downside-1063.7%

Net Debt (used)$6.40M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-11.11	$-13.11	$-15.43	$-18.12	$-21.22
8.0%	$-9.36	$-10.96	$-12.83	$-14.99	$-17.47
9.0%	$-8.14	$-9.48	$-11.03	$-12.82	$-14.88
10.0%	$-7.24	$-8.39	$-9.71	$-11.23	$-12.98
11.0%	$-6.56	$-7.55	$-8.70	$-10.02	$-11.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.20

Book Value / share($)Yahoo: $2.60

Results

Graham Number$3.42

Current Price$2.33

Margin of Safety+46.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.52%

Terminal growth rate(%)

Computed WACC: 5.52%

Cost of equity (Re)8.45%(Rf 4.30% + β 0.75 × 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)65.31%

Debt weight (D/V)34.69%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.33

Implied Near-term FCF Growth—

Historical Revenue Growth-17.9%

Historical Earnings Growth—

Base FCF (TTM)-$2.89M

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$2.33

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.08M

Target EV/EBITDA multipleCurrent: 17.1×

Net Debt($B)Default: $6.40M

Results

Implied Equity Value / share$2.33

Current Price$2.33

Upside / Downside-0.0%

Implied EV$18.46M

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

Mult \ Net Debt	-$1.99B	-$993.60M	$6.40M	$1.01B	$2.01B
13.1x	$387.81	$194.65	$1.49	$-191.66	$-384.82
15.1x	$388.23	$195.07	$1.91	$-191.25	$-384.41
17.1x	$388.65	$195.49	$2.33	$-190.83	$-383.99
19.1x	$389.07	$195.91	$2.75	$-190.41	$-383.57
21.1x	$389.48	$196.32	$3.17	$-189.99	$-383.15

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