ATNI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($29.26)
DCF	$17.89	-38.9%
Graham Number	—	—
Reverse DCF	—	implied g: 8.1%
DDM	$22.04	-24.7%
EV/EBITDA	$41.53	+41.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $50.02M

Near-term growth (yrs 1–5)(%)Rev: 2.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.77%

Computed WACC: 2.77%

Cost of equity (Re)7.19%(Rf 4.30% + β 0.53 × 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)38.54%

Debt weight (D/V)61.46%

Results

Intrinsic Value / share$1363.36

Current Price$29.26

Upside / Downside+4559.5%

Net Debt (used)$605.23M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$18.38	$30.12	$43.78	$59.58	$77.79
8.0%	$8.05	$17.50	$28.47	$41.16	$55.75
9.0%	$0.89	$8.76	$17.89	$28.42	$40.52
10.0%	$-4.36	$2.35	$10.12	$19.08	$29.37
11.0%	$-8.38	$-2.55	$4.19	$11.95	$20.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.92

Book Value / share($)Yahoo: $30.21

Results

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

Graham Number—

Current Price$29.26

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.77%

Terminal growth rate(%)

Computed WACC: 2.77%

Cost of equity (Re)7.19%(Rf 4.30% + β 0.53 × 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)38.54%

Debt weight (D/V)61.46%

Results

Current Price$29.26

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth2.6%

Historical Earnings Growth—

Base FCF (TTM)$50.02M

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: $1.07

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$22.04

Current Price$29.26

Upside / Downside-24.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $177.94M

Target EV/EBITDA multipleCurrent: 7.0×

Net Debt($B)Default: $605.23M

Results

Implied Equity Value / share$41.53

Current Price$29.26

Upside / Downside+41.9%

Implied EV$1.24B

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

Mult \ Net Debt	-$1.39B	-$394.77M	$605.23M	$1.61B	$2.61B
3.0x	$125.96	$60.42	$-5.12	$-70.67	$-136.21
5.0x	$149.29	$83.74	$18.20	$-47.34	$-112.88
7.0x	$172.61	$107.07	$41.53	$-24.01	$-89.56
9.0x	$195.94	$130.40	$64.85	$-0.69	$-66.23
11.0x	$219.26	$153.72	$88.18	$22.64	$-42.91

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