ATER — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.57)
DCF	$-8.64	-1616.0%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$4.99M

Near-term growth (yrs 1–5)(%)Rev: -27.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.01%

Computed WACC: 10.01%

Cost of equity (Re)4.76%(Rf 4.30% + β 0.08 × ERP 5.50%)

Cost of debt (Rd)18.42%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)46.37%

Debt weight (D/V)53.63%

Results

Intrinsic Value / share$-7.45

Current Price$0.57

Upside / Downside-1407.5%

Net Debt (used)-$977,000

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-8.72	$-10.50	$-12.57	$-14.97	$-17.74
8.0%	$-7.15	$-8.58	$-10.25	$-12.18	$-14.39
9.0%	$-6.06	$-7.26	$-8.64	$-10.24	$-12.08
10.0%	$-5.26	$-6.28	$-7.46	$-8.82	$-10.39
11.0%	$-4.65	$-5.54	$-6.56	$-7.74	$-9.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.59

Book Value / share($)Yahoo: $2.74

Results

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

Graham Number—

Current Price$0.57

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.01%

Terminal growth rate(%)

Computed WACC: 10.01%

Cost of equity (Re)4.76%(Rf 4.30% + β 0.08 × ERP 5.50%)

Cost of debt (Rd)18.42%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)46.37%

Debt weight (D/V)53.63%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$0.57

Implied Near-term FCF Growth—

Historical Revenue Growth-27.5%

Historical Earnings Growth—

Base FCF (TTM)-$4.99M

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$0.57

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$10.23M

Target EV/EBITDA multipleCurrent: -0.4×

Net Debt($B)Default: -$977,000

Results

Implied Equity Value / share$0.46

Current Price$0.57

Upside / Downside-19.4%

Implied EV$3.63M

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