BTBD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1.25)
DCF	$-5.96	-576.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$1.25	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.15M

Near-term growth (yrs 1–5)(%)Rev: -11.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.28%

Computed WACC: 7.28%

Cost of equity (Re)9.22%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)4.17%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.27%

Debt weight (D/V)32.73%

Results

Intrinsic Value / share$-8.19

Current Price$1.25

Upside / Downside-755.0%

Net Debt (used)-$995,608

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-6.01	$-7.26	$-8.71	$-10.39	$-12.33
8.0%	$-4.91	$-5.92	$-7.08	$-8.43	$-9.99
9.0%	$-4.15	$-4.99	$-5.96	$-7.08	$-8.37
10.0%	$-3.59	$-4.31	$-5.13	$-6.09	$-7.18
11.0%	$-3.17	$-3.79	$-4.50	$-5.33	$-6.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.15

Book Value / share($)Yahoo: $1.25

Results

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

Graham Number—

Current Price$1.25

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.28%

Terminal growth rate(%)

Computed WACC: 7.28%

Cost of equity (Re)9.22%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)4.17%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.27%

Debt weight (D/V)32.73%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$1.25

Implied Near-term FCF Growth—

Historical Revenue Growth-11.4%

Historical Earnings Growth—

Base FCF (TTM)-$2.15M

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$1.25

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $806

Target EV/EBITDA multipleCurrent: 8309.9×

Net Debt($B)Default: -$995,608

Results

Implied Equity Value / share$1.25

Current Price$1.25

Upside / Downside+0.0%

Implied EV$6.70M

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

Mult \ Net Debt	-$2.00B	-$1.00B	-$995,608	$999.00M	$2.00B
8305.9x	$326.20	$163.73	$1.25	$-161.23	$-323.70
8307.9x	$326.20	$163.73	$1.25	$-161.23	$-323.70
8309.9x	$326.20	$163.73	$1.25	$-161.23	$-323.70
8311.9x	$326.20	$163.73	$1.25	$-161.23	$-323.70
8313.9x	$326.20	$163.73	$1.25	$-161.23	$-323.70

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