BRSP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.81)
DCF	$-39.52	-780.2%
Graham Number	—	—
Reverse DCF	—	—
DDM	$13.18	+126.9%
EV/EBITDA	$5.73	-1.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$151.53M

Near-term growth (yrs 1–5)(%)Rev: -0.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.44%

Computed WACC: 3.44%

Cost of equity (Re)12.32%(Rf 4.30% + β 1.46 × ERP 5.50%)

Cost of debt (Rd)0.96%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)23.24%

Debt weight (D/V)76.76%

Results

Intrinsic Value / share$-163.44

Current Price$5.81

Upside / Downside-2913.1%

Net Debt (used)$2.42B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-39.70	$-43.92	$-48.82	$-54.50	$-61.05
8.0%	$-35.99	$-39.38	$-43.33	$-47.88	$-53.13
9.0%	$-33.41	$-36.24	$-39.52	$-43.31	$-47.65
10.0%	$-31.53	$-33.94	$-36.73	$-39.95	$-43.65
11.0%	$-30.08	$-32.18	$-34.60	$-37.39	$-40.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.26

Book Value / share($)Yahoo: $7.30

Results

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

Graham Number—

Current Price$5.81

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.44%

Terminal growth rate(%)

Computed WACC: 3.44%

Cost of equity (Re)12.32%(Rf 4.30% + β 1.46 × ERP 5.50%)

Cost of debt (Rd)0.96%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)23.24%

Debt weight (D/V)76.76%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$5.81

Implied Near-term FCF Growth—

Historical Revenue Growth-0.4%

Historical Earnings Growth—

Base FCF (TTM)-$151.53M

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: $0.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.18

Current Price$5.81

Upside / Downside+126.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $190.26M

Target EV/EBITDA multipleCurrent: 16.6×

Net Debt($B)Default: $2.42B

Results

Implied Equity Value / share$5.73

Current Price$5.81

Upside / Downside-1.3%

Implied EV$3.16B

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

Mult \ Net Debt	$423.15M	$1.42B	$2.42B	$3.42B	$4.42B
12.6x	$15.36	$7.59	$-0.18	$-7.96	$-15.73
14.6x	$18.32	$10.55	$2.77	$-5.00	$-12.78
16.6x	$21.28	$13.51	$5.73	$-2.04	$-9.82
18.6x	$24.24	$16.46	$8.69	$0.92	$-6.86
20.6x	$27.20	$19.42	$11.65	$3.87	$-3.90

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