BNC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.64)
DCF	$0.57	-84.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$3.67	+0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -3.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.13%

Computed WACC: 8.13%

Cost of equity (Re)8.51%(Rf 4.30% + β 0.77 × 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)95.49%

Debt weight (D/V)4.51%

Results

Intrinsic Value / share$0.57

Current Price$3.64

Upside / Downside-84.4%

Net Debt (used)-$24.96M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$0.57	$0.57	$0.57	$0.57	$0.57
8.0%	$0.57	$0.57	$0.57	$0.57	$0.57
9.0%	$0.57	$0.57	$0.57	$0.57	$0.57
10.0%	$0.57	$0.57	$0.57	$0.57	$0.57
11.0%	$0.57	$0.57	$0.57	$0.57	$0.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.21

Book Value / share($)Yahoo: $10.70

Results

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

Graham Number—

Current Price$3.64

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.13%

Terminal growth rate(%)

Computed WACC: 8.13%

Cost of equity (Re)8.51%(Rf 4.30% + β 0.77 × 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)95.49%

Debt weight (D/V)4.51%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.64

Implied Near-term FCF Growth—

Historical Revenue Growth-3.9%

Historical Earnings Growth—

Base FCF (TTM)—

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$3.64

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $79.04M

Target EV/EBITDA multipleCurrent: 1.7×

Net Debt($B)Default: -$24.96M

Results

Implied Equity Value / share$3.67

Current Price$3.64

Upside / Downside+0.8%

Implied EV$136.75M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$24.96M	$975.04M	$1.98B
-2.3x	$41.88	$19.19	$-3.51	$-26.20	$-48.90
-0.3x	$45.47	$22.78	$0.08	$-22.61	$-45.31
1.7x	$49.06	$26.36	$3.67	$-19.02	$-41.72
3.7x	$52.65	$29.95	$7.26	$-15.44	$-38.13
5.7x	$56.24	$33.54	$10.85	$-11.85	$-34.54

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