ATEN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.26)
DCF	$20.96	+8.8%
Graham Number	$6.16	-68.0%
Reverse DCF	—	implied g: 6.7%
DDM	$4.94	-74.3%
EV/EBITDA	$19.32	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $63.30M

Near-term growth (yrs 1–5)(%)Rev: 8.3% / EPS: -47.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.78%

Computed WACC: 9.78%

Cost of equity (Re)11.04%(Rf 4.30% + β 1.23 × ERP 5.50%)

Cost of debt (Rd)2.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.85%

Debt weight (D/V)14.15%

Results

Intrinsic Value / share$18.87

Current Price$19.26

Upside / Downside-2.0%

Net Debt (used)-$150.09M

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

WACC \ Near-term	0.3%	4.3%	8.3%	12.3%	16.3%
7.0%	$21.50	$25.35	$29.80	$34.93	$40.82
8.0%	$17.94	$21.02	$24.59	$28.69	$33.40
9.0%	$15.48	$18.04	$20.99	$24.38	$28.27
10.0%	$13.68	$15.85	$18.35	$21.23	$24.53
11.0%	$12.30	$14.18	$16.35	$18.83	$21.67

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.57

Book Value / share($)Yahoo: $2.96

Results

Graham Number$6.16

Current Price$19.26

Margin of Safety-68.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.78%

Terminal growth rate(%)

Computed WACC: 9.78%

Cost of equity (Re)11.04%(Rf 4.30% + β 1.23 × ERP 5.50%)

Cost of debt (Rd)2.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.85%

Debt weight (D/V)14.15%

Results

Current Price$19.26

Implied Near-term FCF Growth8.7%

Historical Revenue Growth8.3%

Historical Earnings Growth-47.5%

Base FCF (TTM)$63.30M

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: $0.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.94

Current Price$19.26

Upside / Downside-74.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $61.50M

Target EV/EBITDA multipleCurrent: 20.0×

Net Debt($B)Default: -$150.09M

Results

Implied Equity Value / share$19.32

Current Price$19.26

Upside / Downside+0.3%

Implied EV$1.23B

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

Mult \ Net Debt	-$2.15B	-$1.15B	-$150.09M	$849.91M	$1.85B
16.0x	$43.85	$29.87	$15.88	$1.89	$-12.09
18.0x	$45.57	$31.59	$17.60	$3.61	$-10.37
20.0x	$47.29	$33.31	$19.32	$5.33	$-8.65
22.0x	$49.01	$35.03	$21.04	$7.05	$-6.93
24.0x	$50.73	$36.75	$22.76	$8.78	$-5.21

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