AXTA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($32.59)
DCF	$26.61	-18.3%
Graham Number	$20.75	-36.3%
Reverse DCF	—	implied g: 7.4%
DDM	—	—
EV/EBITDA	$32.81	+0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $474.62M

Near-term growth (yrs 1–5)(%)Rev: -3.7% / EPS: -55.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.08%

Computed WACC: 9.08%

Cost of equity (Re)11.39%(Rf 4.30% + β 1.29 × ERP 5.50%)

Cost of debt (Rd)5.35%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.74%

Debt weight (D/V)32.26%

Results

Intrinsic Value / share$26.13

Current Price$32.59

Upside / Downside-19.8%

Net Debt (used)$2.65B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$26.95	$34.91	$44.18	$54.91	$67.26
8.0%	$19.94	$26.35	$33.80	$42.41	$52.31
9.0%	$15.08	$20.42	$26.61	$33.76	$41.97
10.0%	$11.52	$16.07	$21.35	$27.43	$34.41
11.0%	$8.79	$12.75	$17.32	$22.59	$28.63

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.74

Book Value / share($)Yahoo: $10.99

Results

Graham Number$20.75

Current Price$32.59

Margin of Safety-36.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.08%

Terminal growth rate(%)

Computed WACC: 9.08%

Cost of equity (Re)11.39%(Rf 4.30% + β 1.29 × ERP 5.50%)

Cost of debt (Rd)5.35%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.74%

Debt weight (D/V)32.26%

Results

Current Price$32.59

Implied Near-term FCF Growth7.6%

Historical Revenue Growth-3.7%

Historical Earnings Growth-55.9%

Base FCF (TTM)$474.62M

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$32.59

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.00B

Target EV/EBITDA multipleCurrent: 9.6×

Net Debt($B)Default: $2.65B

Results

Implied Equity Value / share$32.81

Current Price$32.59

Upside / Downside+0.7%

Implied EV$9.65B

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

Mult \ Net Debt	$654.00M	$1.65B	$2.65B	$3.65B	$4.65B
5.6x	$23.38	$18.69	$14.01	$9.32	$4.63
7.6x	$32.78	$28.10	$23.41	$18.72	$14.04
9.6x	$42.18	$37.50	$32.81	$28.12	$23.44
11.6x	$51.58	$46.90	$42.21	$37.53	$32.84
13.6x	$60.99	$56.30	$51.61	$46.93	$42.24

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