BOC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.77)
DCF	$-1.24	-109.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$13.64	+6.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.13M

Near-term growth (yrs 1–5)(%)Rev: 3.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.95%

Computed WACC: 5.95%

Cost of equity (Re)7.51%(Rf 4.30% + β 0.58 × 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)79.25%

Debt weight (D/V)20.75%

Results

Intrinsic Value / share$-1.81

Current Price$12.77

Upside / Downside-114.2%

Net Debt (used)$18.41M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-1.24	$-1.37	$-1.52	$-1.70	$-1.90
8.0%	$-1.13	$-1.23	$-1.35	$-1.50	$-1.66
9.0%	$-1.05	$-1.13	$-1.24	$-1.35	$-1.49
10.0%	$-0.99	$-1.06	$-1.15	$-1.25	$-1.36
11.0%	$-0.94	$-1.01	$-1.08	$-1.17	$-1.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.01

Book Value / share($)Yahoo: $16.80

Results

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

Graham Number—

Current Price$12.77

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.95%

Terminal growth rate(%)

Computed WACC: 5.95%

Cost of equity (Re)7.51%(Rf 4.30% + β 0.58 × 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)79.25%

Debt weight (D/V)20.75%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$12.77

Implied Near-term FCF Growth—

Historical Revenue Growth3.7%

Historical Earnings Growth—

Base FCF (TTM)-$1.13M

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$12.77

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $21.05M

Target EV/EBITDA multipleCurrent: 20.9×

Net Debt($B)Default: $18.41M

Results

Implied Equity Value / share$13.64

Current Price$12.77

Upside / Downside+6.8%

Implied EV$439.61M

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

Mult \ Net Debt	-$1.98B	-$981.59M	$18.41M	$1.02B	$2.02B
16.9x	$75.70	$43.31	$10.92	$-21.47	$-53.87
18.9x	$77.06	$44.67	$12.28	$-20.11	$-52.50
20.9x	$78.43	$46.03	$13.64	$-18.75	$-51.14
22.9x	$79.79	$47.40	$15.01	$-17.38	$-49.77
24.9x	$81.15	$48.76	$16.37	$-16.02	$-48.41

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