ASPN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.28)
DCF	$8.88	+170.8%
Graham Number	—	—
Reverse DCF	—	implied g: -12.5%
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $41.07M

Near-term growth (yrs 1–5)(%)Rev: -66.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.75%

Computed WACC: 13.75%

Cost of equity (Re)21.04%(Rf 4.30% + β 3.04 × 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)65.35%

Debt weight (D/V)34.65%

Results

Intrinsic Value / share$5.16

Current Price$3.28

Upside / Downside+57.3%

Net Debt (used)-$13.15M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$8.96	$10.74	$12.81	$15.20	$17.96
8.0%	$7.39	$8.82	$10.49	$12.41	$14.62
9.0%	$6.31	$7.50	$8.88	$10.48	$12.31
10.0%	$5.51	$6.53	$7.71	$9.06	$10.62
11.0%	$4.90	$5.78	$6.81	$7.98	$9.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-3.71

Book Value / share($)Yahoo: $2.85

Results

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

Graham Number—

Current Price$3.28

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.75%

Terminal growth rate(%)

Computed WACC: 13.75%

Cost of equity (Re)21.04%(Rf 4.30% + β 3.04 × 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)65.35%

Debt weight (D/V)34.65%

Results

Current Price$3.28

Implied Near-term FCF Growth-4.2%

Historical Revenue Growth-66.4%

Historical Earnings Growth—

Base FCF (TTM)$41.07M

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$3.28

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$28.45M

Target EV/EBITDA multipleCurrent: -9.1×

Net Debt($B)Default: -$13.15M

Results

Implied Equity Value / share$3.28

Current Price$3.28

Upside / Downside+0.0%

Implied EV$257.99M

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