ASPS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.63)
DCF	$-10.60	-239.0%
Graham Number	—	—
Reverse DCF	—	implied g: 33.6%
DDM	—	—
EV/EBITDA	$7.70	+0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.83M

Near-term growth (yrs 1–5)(%)Rev: 3.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.55%

Computed WACC: 1.55%

Cost of equity (Re)5.14%(Rf 4.30% + β 0.15 × 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)30.10%

Debt weight (D/V)69.90%

Results

Intrinsic Value / share—

Current Price$7.63

Upside / Downside—

Net Debt (used)$166.23M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-10.56	$-9.64	$-8.57	$-7.33	$-5.90
8.0%	$-11.38	$-10.63	$-9.77	$-8.78	$-7.63
9.0%	$-11.94	$-11.32	$-10.60	$-9.78	$-8.83
10.0%	$-12.35	$-11.82	$-11.21	$-10.51	$-9.70
11.0%	$-12.67	$-12.21	$-11.68	$-11.07	$-10.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.64

Book Value / share($)Yahoo: $-9.48

Results

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

Graham Number—

Current Price$7.63

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.55%

Terminal growth rate(%)

Computed WACC: 1.55%

Cost of equity (Re)5.14%(Rf 4.30% + β 0.15 × 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)30.10%

Debt weight (D/V)69.90%

Results

Current Price$7.63

Implied Near-term FCF Growth65.0%

Historical Revenue Growth3.4%

Historical Earnings Growth—

Base FCF (TTM)$2.83M

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$7.63

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $13.99M

Target EV/EBITDA multipleCurrent: 17.9×

Net Debt($B)Default: $166.23M

Results

Implied Equity Value / share$7.70

Current Price$7.63

Upside / Downside+0.9%

Implied EV$250.83M

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

Mult \ Net Debt	-$1.83B	-$833.77M	$166.23M	$1.17B	$2.17B
13.9x	$184.53	$93.57	$2.61	$-88.36	$-179.32
15.9x	$187.08	$96.11	$5.15	$-85.81	$-176.77
17.9x	$189.62	$98.66	$7.70	$-83.27	$-174.23
19.9x	$192.17	$101.20	$10.24	$-80.72	$-171.68
21.9x	$194.71	$103.75	$12.79	$-78.18	$-169.14

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