ASUR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.29)
DCF	$-3.29	-135.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$9.49	+2.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$650,000

Near-term growth (yrs 1–5)(%)Rev: 27.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.32%

Computed WACC: 5.32%

Cost of equity (Re)6.87%(Rf 4.30% + β 0.47 × 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)77.52%

Debt weight (D/V)22.48%

Results

Intrinsic Value / share$-5.69

Current Price$9.29

Upside / Downside-161.3%

Net Debt (used)$49.56M

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

WACC \ Near-term	19.7%	23.7%	27.7%	31.7%	35.7%
7.0%	$-3.48	$-3.77	$-4.10	$-4.47	$-4.89
8.0%	$-3.13	$-3.36	$-3.62	$-3.91	$-4.24
9.0%	$-2.89	$-3.08	$-3.29	$-3.53	$-3.80
10.0%	$-2.72	$-2.87	$-3.05	$-3.25	$-3.47
11.0%	$-2.59	$-2.72	$-2.87	$-3.04	$-3.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.64

Book Value / share($)Yahoo: $7.04

Results

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

Graham Number—

Current Price$9.29

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.32%

Terminal growth rate(%)

Computed WACC: 5.32%

Cost of equity (Re)6.87%(Rf 4.30% + β 0.47 × 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)77.52%

Debt weight (D/V)22.48%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$9.29

Implied Near-term FCF Growth—

Historical Revenue Growth27.7%

Historical Earnings Growth—

Base FCF (TTM)-$650,000

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$9.29

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $18.03M

Target EV/EBITDA multipleCurrent: 17.4×

Net Debt($B)Default: $49.56M

Results

Implied Equity Value / share$9.49

Current Price$9.29

Upside / Downside+2.2%

Implied EV$313.14M

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

Mult \ Net Debt	-$1.95B	-$950.44M	$49.56M	$1.05B	$2.05B
13.4x	$78.93	$42.91	$6.90	$-29.12	$-65.14
15.4x	$80.23	$44.21	$8.19	$-27.82	$-63.84
17.4x	$81.53	$45.51	$9.49	$-26.52	$-62.54
19.4x	$82.83	$46.81	$10.79	$-25.23	$-61.24
21.4x	$84.13	$48.11	$12.09	$-23.93	$-59.94

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