ASIX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.35)
DCF	$-29.83	-262.6%
Graham Number	$35.06	+91.0%
Reverse DCF	—	—
DDM	$13.18	-28.2%
EV/EBITDA	$18.35	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$19.32M

Near-term growth (yrs 1–5)(%)Rev: 9.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.64%

Computed WACC: 7.64%

Cost of equity (Re)13.56%(Rf 4.30% + β 1.68 × 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)56.30%

Debt weight (D/V)43.70%

Results

Intrinsic Value / share$-34.41

Current Price$18.35

Upside / Downside-287.5%

Net Debt (used)$362.93M

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

WACC \ Near-term	1.4%	5.4%	9.4%	13.4%	17.4%
7.0%	$-30.38	$-33.69	$-37.53	$-41.94	$-47.01
8.0%	$-27.25	$-29.91	$-32.97	$-36.50	$-40.54
9.0%	$-25.10	$-27.29	$-29.83	$-32.75	$-36.08
10.0%	$-23.52	$-25.38	$-27.53	$-30.00	$-32.82
11.0%	$-22.31	$-23.92	$-25.78	$-27.91	$-30.34

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.80

Book Value / share($)Yahoo: $30.35

Results

Graham Number$35.06

Current Price$18.35

Margin of Safety+91.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.64%

Terminal growth rate(%)

Computed WACC: 7.64%

Cost of equity (Re)13.56%(Rf 4.30% + β 1.68 × 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)56.30%

Debt weight (D/V)43.70%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$18.35

Implied Near-term FCF Growth—

Historical Revenue Growth9.4%

Historical Earnings Growth—

Base FCF (TTM)-$19.32M

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: $0.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.18

Current Price$18.35

Upside / Downside-28.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $139.93M

Target EV/EBITDA multipleCurrent: 6.1×

Net Debt($B)Default: $362.93M

Results

Implied Equity Value / share$18.35

Current Price$18.35

Upside / Downside+0.0%

Implied EV$856.09M

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

Mult \ Net Debt	-$1.64B	-$637.07M	$362.93M	$1.36B	$2.36B
2.1x	$71.95	$34.74	$-2.48	$-39.69	$-76.90
4.1x	$82.36	$45.15	$7.94	$-29.27	$-66.49
6.1x	$92.78	$55.56	$18.35	$-18.86	$-56.07
8.1x	$103.19	$65.98	$28.77	$-8.45	$-45.66
10.1x	$113.60	$76.39	$39.18	$1.97	$-35.24

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