BKD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.11)
DCF	$-43.45	-387.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$15.31	+1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$289.93M

Near-term growth (yrs 1–5)(%)Rev: -4.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.17%

Computed WACC: 3.17%

Cost of equity (Re)8.05%(Rf 4.30% + β 0.68 × 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)39.43%

Debt weight (D/V)60.57%

Results

Intrinsic Value / share$-232.22

Current Price$15.11

Upside / Downside-1637.4%

Net Debt (used)$5.24B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-43.63	$-48.00	$-53.08	$-58.96	$-65.74
8.0%	$-39.79	$-43.30	$-47.39	$-52.11	$-57.54
9.0%	$-37.13	$-40.05	$-43.45	$-47.37	$-51.87
10.0%	$-35.17	$-37.67	$-40.56	$-43.89	$-47.72
11.0%	$-33.67	$-35.84	$-38.35	$-41.24	$-44.55

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.32

Book Value / share($)Yahoo: $-0.19

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$15.11

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.17%

Terminal growth rate(%)

Computed WACC: 3.17%

Cost of equity (Re)8.05%(Rf 4.30% + β 0.68 × 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)39.43%

Debt weight (D/V)60.57%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$15.11

Implied Near-term FCF Growth—

Historical Revenue Growth-4.0%

Historical Earnings Growth—

Base FCF (TTM)-$289.93M

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: —

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$15.11

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $460.23M

Target EV/EBITDA multipleCurrent: 19.3×

Net Debt($B)Default: $5.24B

Results

Implied Equity Value / share$15.31

Current Price$15.11

Upside / Downside+1.4%

Implied EV$8.88B

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

Mult \ Net Debt	$3.24B	$4.24B	$5.24B	$6.24B	$7.24B
15.3x	$15.98	$11.77	$7.57	$3.36	$-0.85
17.3x	$19.85	$15.65	$11.44	$7.23	$3.03
19.3x	$23.73	$19.52	$15.31	$11.10	$6.90
21.3x	$27.60	$23.39	$19.18	$14.98	$10.77
23.3x	$31.47	$27.26	$23.06	$18.85	$14.64

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