AVNW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.00)
DCF	$-8.15	-131.4%
Graham Number	$23.14	-11.0%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$26.00	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.45M

Near-term growth (yrs 1–5)(%)Rev: -5.7% / EPS: 25.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.56%

Computed WACC: 6.56%

Cost of equity (Re)8.68%(Rf 4.30% + β 0.80 × 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)75.58%

Debt weight (D/V)24.42%

Results

Intrinsic Value / share$-12.79

Current Price$26.00

Upside / Downside-149.2%

Net Debt (used)$21.89M

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

WACC \ Near-term	17.7%	21.7%	25.7%	29.7%	33.7%
7.0%	$-8.89	$-10.14	$-11.57	$-13.19	$-15.02
8.0%	$-7.42	$-8.41	$-9.54	$-10.81	$-12.25
9.0%	$-6.42	$-7.22	$-8.14	$-9.18	$-10.36
10.0%	$-5.68	$-6.36	$-7.13	$-8.00	$-8.98
11.0%	$-5.13	$-5.71	$-6.36	$-7.10	$-7.94

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.13

Book Value / share($)Yahoo: $21.07

Results

Graham Number$23.14

Current Price$26.00

Margin of Safety-11.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.56%

Terminal growth rate(%)

Computed WACC: 6.56%

Cost of equity (Re)8.68%(Rf 4.30% + β 0.80 × 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)75.58%

Debt weight (D/V)24.42%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$26.00

Implied Near-term FCF Growth—

Historical Revenue Growth-5.7%

Historical Earnings Growth25.7%

Base FCF (TTM)-$1.45M

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$26.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $39.63M

Target EV/EBITDA multipleCurrent: 9.0×

Net Debt($B)Default: $21.89M

Results

Implied Equity Value / share$26.00

Current Price$26.00

Upside / Downside+0.0%

Implied EV$357.37M

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

Mult \ Net Debt	-$1.98B	-$978.11M	$21.89M	$1.02B	$2.02B
5.0x	$168.73	$91.22	$13.72	$-63.79	$-141.30
7.0x	$174.87	$97.36	$19.86	$-57.65	$-135.15
9.0x	$181.01	$103.51	$26.00	$-51.50	$-129.01
11.0x	$187.15	$109.65	$32.14	$-45.36	$-122.87
13.0x	$193.30	$115.79	$38.29	$-39.22	$-116.72

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