AVNS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.98)
DCF	$16.56	+18.4%
Graham Number	—	—
Reverse DCF	—	implied g: 2.3%
DDM	—	—
EV/EBITDA	$14.01	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $46.01M

Near-term growth (yrs 1–5)(%)Rev: 0.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.59%

Computed WACC: 8.59%

Cost of equity (Re)10.29%(Rf 4.30% + β 1.09 × 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)83.41%

Debt weight (D/V)16.59%

Results

Intrinsic Value / share$17.74

Current Price$13.98

Upside / Downside+26.9%

Net Debt (used)$39.30M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$16.71	$20.25	$24.38	$29.16	$34.67
8.0%	$13.58	$16.44	$19.76	$23.59	$28.01
9.0%	$11.42	$13.80	$16.56	$19.74	$23.40
10.0%	$9.83	$11.86	$14.21	$16.92	$20.03
11.0%	$8.61	$10.38	$12.42	$14.76	$17.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-10.18

Book Value / share($)Yahoo: $16.75

Results

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

Graham Number—

Current Price$13.98

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.59%

Terminal growth rate(%)

Computed WACC: 8.59%

Cost of equity (Re)10.29%(Rf 4.30% + β 1.09 × 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)83.41%

Debt weight (D/V)16.59%

Results

Current Price$13.98

Implied Near-term FCF Growth1.2%

Historical Revenue Growth0.7%

Historical Earnings Growth—

Base FCF (TTM)$46.01M

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$13.98

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $54.40M

Target EV/EBITDA multipleCurrent: 12.7×

Net Debt($B)Default: $39.30M

Results

Implied Equity Value / share$14.01

Current Price$13.98

Upside / Downside+0.2%

Implied EV$689.41M

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

Mult \ Net Debt	-$1.96B	-$960.70M	$39.30M	$1.04B	$2.04B
8.7x	$52.40	$30.86	$9.32	$-12.23	$-33.77
10.7x	$54.75	$33.20	$11.66	$-9.88	$-31.42
12.7x	$57.09	$35.55	$14.01	$-7.54	$-29.08
14.7x	$59.44	$37.89	$16.35	$-5.19	$-26.74
16.7x	$61.78	$40.24	$18.69	$-2.85	$-24.39

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