ATRO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($80.75)
DCF	$18.47	-77.1%
Graham Number	—	—
Reverse DCF	—	implied g: 35.4%
DDM	—	—
EV/EBITDA	$91.00	+12.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $29.90M

Near-term growth (yrs 1–5)(%)Rev: 15.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.87%

Computed WACC: 8.87%

Cost of equity (Re)10.04%(Rf 4.30% + β 1.04 × 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)88.38%

Debt weight (D/V)11.62%

Results

Intrinsic Value / share$19.09

Current Price$80.75

Upside / Downside-76.4%

Net Debt (used)$360.17M

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

WACC \ Near-term	7.1%	11.1%	15.1%	19.1%	23.1%
7.0%	$20.32	$26.30	$33.19	$41.07	$50.05
8.0%	$14.21	$18.97	$24.44	$30.70	$37.83
9.0%	$9.99	$13.92	$18.42	$23.56	$29.42
10.0%	$6.92	$10.23	$14.03	$18.36	$23.29
11.0%	$4.58	$7.43	$10.69	$14.41	$18.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.09

Book Value / share($)Yahoo: $3.93

Results

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

Graham Number—

Current Price$80.75

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.87%

Terminal growth rate(%)

Computed WACC: 8.87%

Cost of equity (Re)10.04%(Rf 4.30% + β 1.04 × 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)88.38%

Debt weight (D/V)11.62%

Results

Current Price$80.75

Implied Near-term FCF Growth35.0%

Historical Revenue Growth15.1%

Historical Earnings Growth—

Base FCF (TTM)$29.90M

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$80.75

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $112.09M

Target EV/EBITDA multipleCurrent: 28.9×

Net Debt($B)Default: $360.17M

Results

Implied Equity Value / share$91.00

Current Price$80.75

Upside / Downside+12.7%

Implied EV$3.24B

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

Mult \ Net Debt	-$1.64B	-$639.83M	$360.17M	$1.36B	$2.36B
24.9x	$140.08	$108.45	$76.82	$45.20	$13.57
26.9x	$147.17	$115.54	$83.91	$52.29	$20.66
28.9x	$154.26	$122.63	$91.00	$59.38	$27.75
30.9x	$161.34	$129.72	$98.09	$66.47	$34.84
32.9x	$168.43	$136.81	$105.18	$73.56	$41.93

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