BGS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.18)
DCF	$8.64	+66.8%
Graham Number	—	—
Reverse DCF	—	implied g: 3.2%
DDM	$15.66	+202.2%
EV/EBITDA	$5.31	+2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $153.93M

Near-term growth (yrs 1–5)(%)Rev: -4.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.21%

Computed WACC: 1.21%

Cost of equity (Re)7.25%(Rf 4.30% + β 0.54 × 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)16.66%

Debt weight (D/V)83.34%

Results

Intrinsic Value / share—

Current Price$5.18

Upside / Downside—

Net Debt (used)$2.01B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$8.93	$15.82	$23.84	$33.12	$43.81
8.0%	$2.86	$8.41	$14.85	$22.30	$30.87
9.0%	$-1.34	$3.28	$8.64	$14.82	$21.93
10.0%	$-4.42	$-0.48	$4.08	$9.34	$15.38
11.0%	$-6.78	$-3.36	$0.60	$5.16	$10.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-3.16

Book Value / share($)Yahoo: $5.89

Results

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

Graham Number—

Current Price$5.18

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.21%

Terminal growth rate(%)

Computed WACC: 1.21%

Cost of equity (Re)7.25%(Rf 4.30% + β 0.54 × 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)16.66%

Debt weight (D/V)83.34%

Results

Current Price$5.18

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-4.7%

Historical Earnings Growth—

Base FCF (TTM)$153.93M

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: $0.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.66

Current Price$5.18

Upside / Downside+202.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $261.17M

Target EV/EBITDA multipleCurrent: 9.3×

Net Debt($B)Default: $2.01B

Results

Implied Equity Value / share$5.31

Current Price$5.18

Upside / Downside+2.5%

Implied EV$2.44B

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

Mult \ Net Debt	$11.50M	$1.01B	$2.01B	$3.01B	$4.01B
5.3x	$17.26	$4.75	$-7.75	$-20.26	$-32.76
7.3x	$23.79	$11.28	$-1.22	$-13.72	$-26.23
9.3x	$30.32	$17.81	$5.31	$-7.19	$-19.70
11.3x	$36.85	$24.35	$11.84	$-0.66	$-13.17
13.3x	$43.38	$30.88	$18.37	$5.87	$-6.63

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