ATEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.20)
DCF	$-32.75	-188.0%
Graham Number	$35.22	-5.3%
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: -$36.37M

Near-term growth (yrs 1–5)(%)Rev: 0.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.84%

Computed WACC: 8.84%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × 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)99.34%

Debt weight (D/V)0.66%

Results

Intrinsic Value / share$-33.62

Current Price$37.20

Upside / Downside-190.4%

Net Debt (used)-$24.89M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-33.04	$-40.00	$-48.08	$-57.44	$-68.22
8.0%	$-26.93	$-32.52	$-39.02	$-46.53	$-55.18
9.0%	$-22.69	$-27.35	$-32.75	$-38.99	$-46.16
10.0%	$-19.58	$-23.55	$-28.16	$-33.46	$-39.55
11.0%	$-17.20	$-20.65	$-24.64	$-29.24	$-34.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.35

Book Value / share($)Yahoo: $12.68

Results

Graham Number$35.22

Current Price$37.20

Margin of Safety-5.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.84%

Terminal growth rate(%)

Computed WACC: 8.84%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × 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)99.34%

Debt weight (D/V)0.66%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$37.20

Implied Near-term FCF Growth—

Historical Revenue Growth0.4%

Historical Earnings Growth—

Base FCF (TTM)-$36.37M

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$37.20

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$41.29M

Target EV/EBITDA multipleCurrent: -16.1×

Net Debt($B)Default: -$24.89M

Results

Implied Equity Value / share$36.91

Current Price$37.20

Upside / Downside-0.8%

Implied EV$666.56M

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