BAER — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.46)
DCF	$15.03	+510.9%
Graham Number	—	—
Reverse DCF	—	implied g: -0.6%
DDM	—	—
EV/EBITDA	$9.67	+293.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $23.03M

Near-term growth (yrs 1–5)(%)Rev: 5.2% / EPS: 20.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.03%

Computed WACC: 2.03%

Cost of equity (Re)5.19%(Rf 4.30% + β 0.16 × 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)39.24%

Debt weight (D/V)60.76%

Results

Intrinsic Value / share—

Current Price$2.46

Upside / Downside—

Net Debt (used)$153.89M

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

WACC \ Near-term	12.5%	16.5%	20.5%	24.5%	28.5%
7.0%	$16.69	$20.22	$24.26	$28.86	$34.08
8.0%	$12.81	$15.61	$18.81	$22.44	$26.57
9.0%	$10.15	$12.44	$15.06	$18.04	$21.41
10.0%	$8.21	$10.14	$12.33	$14.83	$17.66
11.0%	$6.74	$8.39	$10.27	$12.40	$14.82

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.40

Book Value / share($)Yahoo: $-5.80

Results

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

Graham Number—

Current Price$2.46

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.03%

Terminal growth rate(%)

Computed WACC: 2.03%

Cost of equity (Re)5.19%(Rf 4.30% + β 0.16 × 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)39.24%

Debt weight (D/V)60.76%

Results

Current Price$2.46

Implied Near-term FCF Growth65.0%

Historical Revenue Growth5.2%

Historical Earnings Growth20.5%

Base FCF (TTM)$23.03M

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$2.46

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $41.38M

Target EV/EBITDA multipleCurrent: 16.7×

Net Debt($B)Default: $153.89M

Results

Implied Equity Value / share$9.67

Current Price$2.46

Upside / Downside+293.0%

Implied EV$690.82M

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

Mult \ Net Debt	-$1.85B	-$846.11M	$153.89M	$1.15B	$2.15B
12.7x	$42.69	$24.69	$6.69	$-11.32	$-29.32
14.7x	$44.18	$26.18	$8.18	$-9.83	$-27.83
16.7x	$45.68	$27.67	$9.67	$-8.34	$-26.34
18.7x	$47.17	$29.16	$11.16	$-6.85	$-24.85
20.7x	$48.66	$30.65	$12.65	$-5.36	$-23.36

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