ASGN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($40.97)
DCF	$80.96	+97.6%
Graham Number	$50.31	+22.8%
Reverse DCF	—	implied g: -2.9%
DDM	—	—
EV/EBITDA	$40.97	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $251.94M

Near-term growth (yrs 1–5)(%)Rev: -0.5% / EPS: -38.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.35%

Computed WACC: 7.35%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × ERP 5.50%)

Cost of debt (Rd)6.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)58.51%

Debt weight (D/V)41.49%

Results

Intrinsic Value / share$117.83

Current Price$40.97

Upside / Downside+187.6%

Net Debt (used)$1.08B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$81.88	$103.72	$129.13	$158.55	$192.42
8.0%	$62.66	$80.24	$100.66	$124.27	$151.42
9.0%	$49.34	$63.98	$80.96	$100.56	$123.08
10.0%	$39.56	$52.05	$66.51	$83.19	$102.33
11.0%	$32.08	$42.93	$55.48	$69.92	$86.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.60

Book Value / share($)Yahoo: $43.26

Results

Graham Number$50.31

Current Price$40.97

Margin of Safety+22.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.35%

Terminal growth rate(%)

Computed WACC: 7.35%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × ERP 5.50%)

Cost of debt (Rd)6.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)58.51%

Debt weight (D/V)41.49%

Results

Current Price$40.97

Implied Near-term FCF Growth-7.2%

Historical Revenue Growth-0.5%

Historical Earnings Growth-38.1%

Base FCF (TTM)$251.94M

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$40.97

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $363.90M

Target EV/EBITDA multipleCurrent: 7.6×

Net Debt($B)Default: $1.08B

Results

Implied Equity Value / share$40.97

Current Price$40.97

Upside / Downside-0.0%

Implied EV$2.77B

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

Mult \ Net Debt	$1.08B	$1.08B	$1.08B	$1.08B	$1.08B
3.6x	$5.72	$5.72	$5.72	$5.72	$5.72
5.6x	$23.35	$23.35	$23.35	$23.35	$23.35
7.6x	$40.97	$40.97	$40.97	$40.97	$40.97
9.6x	$58.59	$58.59	$58.59	$58.59	$58.59
11.6x	$76.21	$76.21	$76.21	$76.21	$76.21

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