BDN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.19)
DCF	$24.74	+675.6%
Graham Number	—	—
Reverse DCF	—	implied g: 15.1%
DDM	$8.03	+151.8%
EV/EBITDA	$3.22	+0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $98.37M

Near-term growth (yrs 1–5)(%)Rev: 29.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.99%

Computed WACC: 1.99%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × 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)17.71%

Debt weight (D/V)82.29%

Results

Intrinsic Value / share—

Current Price$3.19

Upside / Downside—

Net Debt (used)$2.55B

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

WACC \ Near-term	21.2%	25.2%	29.2%	33.2%	37.2%
7.0%	$29.92	$37.51	$46.12	$55.85	$66.80
8.0%	$20.69	$26.67	$33.44	$41.08	$49.68
9.0%	$14.37	$19.23	$24.74	$30.96	$37.95
10.0%	$9.78	$13.84	$18.44	$23.62	$29.45
11.0%	$6.31	$9.76	$13.67	$18.08	$23.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.03

Book Value / share($)Yahoo: $4.56

Results

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

Graham Number—

Current Price$3.19

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.99%

Terminal growth rate(%)

Computed WACC: 1.99%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × 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)17.71%

Debt weight (D/V)82.29%

Results

Current Price$3.19

Implied Near-term FCF Growth65.0%

Historical Revenue Growth29.2%

Historical Earnings Growth—

Base FCF (TTM)$98.37M

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: $0.39

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.03

Current Price$3.19

Upside / Downside+151.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $182.72M

Target EV/EBITDA multipleCurrent: 17.0×

Net Debt($B)Default: $2.55B

Results

Implied Equity Value / share$3.22

Current Price$3.19

Upside / Downside+0.9%

Implied EV$3.11B

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

Mult \ Net Debt	$549.53M	$1.55B	$2.55B	$3.55B	$4.55B
13.0x	$10.53	$4.77	$-0.99	$-6.75	$-12.50
15.0x	$12.63	$6.87	$1.12	$-4.64	$-10.40
17.0x	$14.73	$8.98	$3.22	$-2.54	$-8.29
19.0x	$16.84	$11.08	$5.32	$-0.43	$-6.19
21.0x	$18.94	$13.18	$7.43	$1.67	$-4.09

← Overview Financial Statements ← Companies