ASTE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($63.93)
DCF	$-45.92	-171.8%
Graham Number	$37.43	-41.4%
Reverse DCF	—	—
DDM	$10.71	-83.2%
EV/EBITDA	$63.99	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$29.51M

Near-term growth (yrs 1–5)(%)Rev: 11.6% / EPS: -43.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.46%

Computed WACC: 9.46%

Cost of equity (Re)11.81%(Rf 4.30% + β 1.37 × 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)80.11%

Debt weight (D/V)19.89%

Results

Intrinsic Value / share$-43.55

Current Price$63.93

Upside / Downside-168.1%

Net Debt (used)$288.90M

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

WACC \ Near-term	3.6%	7.6%	11.6%	15.6%	19.6%
7.0%	$-47.43	$-54.16	$-61.94	$-70.87	$-81.09
8.0%	$-40.88	$-46.26	$-52.46	$-59.58	$-67.71
9.0%	$-36.36	$-40.80	$-45.92	$-51.79	$-58.49
10.0%	$-33.05	$-36.81	$-41.14	$-46.11	$-51.76
11.0%	$-30.53	$-33.78	$-37.51	$-41.78	$-46.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.09

Book Value / share($)Yahoo: $29.80

Results

Graham Number$37.43

Current Price$63.93

Margin of Safety-41.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.46%

Terminal growth rate(%)

Computed WACC: 9.46%

Cost of equity (Re)11.81%(Rf 4.30% + β 1.37 × 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)80.11%

Debt weight (D/V)19.89%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$63.93

Implied Near-term FCF Growth—

Historical Revenue Growth11.6%

Historical Earnings Growth-43.8%

Base FCF (TTM)-$29.51M

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: $0.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.71

Current Price$63.93

Upside / Downside-83.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $121.50M

Target EV/EBITDA multipleCurrent: 14.4×

Net Debt($B)Default: $288.90M

Results

Implied Equity Value / share$63.99

Current Price$63.93

Upside / Downside+0.1%

Implied EV$1.75B

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

Mult \ Net Debt	-$1.71B	-$711.10M	$288.90M	$1.29B	$2.29B
10.4x	$130.17	$86.46	$42.75	$-0.97	$-44.68
12.4x	$140.80	$97.08	$53.37	$9.65	$-34.06
14.4x	$151.42	$107.71	$63.99	$20.28	$-23.44
16.4x	$162.04	$118.33	$74.61	$30.90	$-12.81
18.4x	$172.67	$128.95	$85.24	$41.52	$-2.19

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