ATEC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.47)
DCF	$13.21	-2.0%
Graham Number	—	—
Reverse DCF	—	implied g: 20.7%
DDM	—	—
EV/EBITDA	$13.88	+3.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $56.15M

Near-term growth (yrs 1–5)(%)Rev: 20.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.05%

Computed WACC: 9.05%

Cost of equity (Re)9.85%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)8.04%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)77.05%

Debt weight (D/V)22.95%

Results

Intrinsic Value / share$13.06

Current Price$13.47

Upside / Downside-3.0%

Net Debt (used)$435.29M

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

WACC \ Near-term	12.4%	16.4%	20.4%	24.4%	28.4%
7.0%	$14.67	$17.87	$21.52	$25.69	$30.41
8.0%	$11.17	$13.70	$16.59	$19.89	$23.62
9.0%	$8.76	$10.84	$13.21	$15.90	$18.95
10.0%	$7.01	$8.75	$10.74	$13.00	$15.56
11.0%	$5.68	$7.17	$8.87	$10.81	$12.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.03

Book Value / share($)Yahoo: $0.08

Results

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

Graham Number—

Current Price$13.47

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.05%

Terminal growth rate(%)

Computed WACC: 9.05%

Cost of equity (Re)9.85%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)8.04%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)77.05%

Debt weight (D/V)22.95%

Results

Current Price$13.47

Implied Near-term FCF Growth20.8%

Historical Revenue Growth20.4%

Historical Earnings Growth—

Base FCF (TTM)$56.15M

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$13.47

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $19.53M

Target EV/EBITDA multipleCurrent: 127.9×

Net Debt($B)Default: $435.29M

Results

Implied Equity Value / share$13.88

Current Price$13.47

Upside / Downside+3.1%

Implied EV$2.50B

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

Mult \ Net Debt	-$1.56B	-$564.71M	$435.29M	$1.44B	$2.44B
123.9x	$26.82	$20.09	$13.36	$6.63	$-0.11
125.9x	$27.08	$20.35	$13.62	$6.89	$0.16
127.9x	$27.35	$20.62	$13.88	$7.15	$0.42
129.9x	$27.61	$20.88	$14.15	$7.41	$0.68
131.9x	$27.87	$21.14	$14.41	$7.68	$0.95

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