ATI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($166.42)
DCF	$8.06	-95.2%
Graham Number	$29.18	-82.5%
Reverse DCF	—	implied g: 45.9%
DDM	—	—
EV/EBITDA	$167.24	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $143.86M

Near-term growth (yrs 1–5)(%)Rev: 0.4% / EPS: -26.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.20%

Computed WACC: 9.20%

Cost of equity (Re)9.54%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)6.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.54%

Debt weight (D/V)7.46%

Results

Intrinsic Value / share$7.51

Current Price$166.42

Upside / Downside-95.5%

Net Debt (used)$1.42B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$8.22	$11.98	$16.36	$21.42	$27.26
8.0%	$4.91	$7.94	$11.46	$15.52	$20.20
9.0%	$2.62	$5.14	$8.06	$11.44	$15.32
10.0%	$0.93	$3.08	$5.57	$8.45	$11.74
11.0%	$-0.36	$1.51	$3.67	$6.16	$9.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.85

Book Value / share($)Yahoo: $13.28

Results

Graham Number$29.18

Current Price$166.42

Margin of Safety-82.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.20%

Terminal growth rate(%)

Computed WACC: 9.20%

Cost of equity (Re)9.54%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)6.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.54%

Debt weight (D/V)7.46%

Results

Current Price$166.42

Implied Near-term FCF Growth46.7%

Historical Revenue Growth0.4%

Historical Earnings Growth-26.5%

Base FCF (TTM)$143.86M

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$166.42

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $811.60M

Target EV/EBITDA multipleCurrent: 30.0×

Net Debt($B)Default: $1.42B

Results

Implied Equity Value / share$167.24

Current Price$166.42

Upside / Downside+0.5%

Implied EV$24.32B

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

Mult \ Net Debt	$1.42B	$1.42B	$1.42B	$1.42B	$1.42B
26.0x	$143.53	$143.53	$143.53	$143.53	$143.53
28.0x	$155.39	$155.39	$155.39	$155.39	$155.39
30.0x	$167.24	$167.24	$167.24	$167.24	$167.24
32.0x	$179.09	$179.09	$179.09	$179.09	$179.09
34.0x	$190.95	$190.95	$190.95	$190.95	$190.95

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