BATRA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($48.41)
DCF	$-32.02	-166.2%
Graham Number	—	—
Reverse DCF	—	implied g: 37.6%
DDM	—	—
EV/EBITDA	$297.34	+514.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $11.39M

Near-term growth (yrs 1–5)(%)Rev: 17.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.62%

Computed WACC: 6.62%

Cost of equity (Re)8.46%(Rf 4.30% + β 0.76 × 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)78.28%

Debt weight (D/V)21.72%

Results

Intrinsic Value / share$-5.57

Current Price$48.41

Upside / Downside-111.5%

Net Debt (used)$745.32M

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

WACC \ Near-term	9.6%	13.6%	17.6%	21.6%	25.6%
7.0%	$-28.94	$-20.91	$-11.70	$-1.19	$10.77
8.0%	$-37.42	$-31.04	$-23.74	$-15.41	$-5.94
9.0%	$-43.25	$-38.02	$-32.02	$-25.19	$-17.43
10.0%	$-47.51	$-43.10	$-38.05	$-32.31	$-25.79
11.0%	$-50.74	$-46.95	$-42.63	$-37.71	$-32.13

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.02

Book Value / share($)Yahoo: $8.33

Results

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

Graham Number—

Current Price$48.41

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.62%

Terminal growth rate(%)

Computed WACC: 6.62%

Cost of equity (Re)8.46%(Rf 4.30% + β 0.76 × 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)78.28%

Debt weight (D/V)21.72%

Results

Current Price$48.41

Implied Near-term FCF Growth27.7%

Historical Revenue Growth17.6%

Historical Earnings Growth—

Base FCF (TTM)$11.39M

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$48.41

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $90.78M

Target EV/EBITDA multipleCurrent: 42.0×

Net Debt($B)Default: $745.32M

Results

Implied Equity Value / share$297.34

Current Price$48.41

Upside / Downside+514.2%

Implied EV$3.81B

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

Mult \ Net Debt	-$1.25B	-$254.68M	$745.32M	$1.75B	$2.75B
38.0x	$455.98	$359.06	$262.15	$165.23	$68.31
40.0x	$473.58	$376.66	$279.74	$182.83	$85.91
42.0x	$491.17	$394.26	$297.34	$200.42	$103.51
44.0x	$508.77	$411.85	$314.94	$218.02	$121.11
46.0x	$526.37	$429.45	$332.53	$235.62	$138.70

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