ASH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($60.82)
DCF	$25.99	-57.3%
Graham Number	—	—
Reverse DCF	—	implied g: 13.8%
DDM	$34.20	-43.8%
EV/EBITDA	$62.36	+2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $135.25M

Near-term growth (yrs 1–5)(%)Rev: -4.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.34%

Computed WACC: 4.34%

Cost of equity (Re)6.60%(Rf 4.30% + β 0.42 × ERP 5.50%)

Cost of debt (Rd)0.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)65.15%

Debt weight (D/V)34.85%

Results

Intrinsic Value / share$159.08

Current Price$60.82

Upside / Downside+161.6%

Net Debt (used)$1.18B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$26.44	$37.02	$49.33	$63.58	$80.00
8.0%	$17.13	$25.64	$35.54	$46.98	$60.13
9.0%	$10.67	$17.77	$25.99	$35.49	$46.40
10.0%	$5.94	$11.99	$18.99	$27.07	$36.35
11.0%	$2.31	$7.57	$13.65	$20.65	$28.67

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-14.53

Book Value / share($)Yahoo: $41.04

Results

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

Graham Number—

Current Price$60.82

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.34%

Terminal growth rate(%)

Computed WACC: 4.34%

Cost of equity (Re)6.60%(Rf 4.30% + β 0.42 × ERP 5.50%)

Cost of debt (Rd)0.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)65.15%

Debt weight (D/V)34.85%

Results

Current Price$60.82

Implied Near-term FCF Growth-5.9%

Historical Revenue Growth-4.7%

Historical Earnings Growth—

Base FCF (TTM)$135.25M

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: $1.66

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$34.20

Current Price$60.82

Upside / Downside-43.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $353.00M

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: $1.18B

Results

Implied Equity Value / share$62.36

Current Price$60.82

Upside / Downside+2.5%

Implied EV$4.04B

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

Mult \ Net Debt	$1.18B	$1.18B	$1.18B	$1.18B	$1.18B
7.4x	$31.50	$31.50	$31.50	$31.50	$31.50
9.4x	$46.93	$46.93	$46.93	$46.93	$46.93
11.4x	$62.36	$62.36	$62.36	$62.36	$62.36
13.4x	$77.79	$77.79	$77.79	$77.79	$77.79
15.4x	$93.21	$93.21	$93.21	$93.21	$93.21

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