BTBT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1.77)
DCF	$-115.82	-6643.7%
Graham Number	$6.43	+263.3%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$2.23	+25.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$459.35M

Near-term growth (yrs 1–5)(%)Rev: 32.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 24.45%

Computed WACC: 24.45%

Cost of equity (Re)26.23%(Rf 4.30% + β 3.99 × 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)93.18%

Debt weight (D/V)6.82%

Results

Intrinsic Value / share$-22.28

Current Price$1.77

Upside / Downside-1358.6%

Net Debt (used)-$137.20M

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

WACC \ Near-term	24.2%	28.2%	32.2%	36.2%	40.2%
7.0%	$-132.59	$-154.75	$-179.80	$-208.03	$-239.73
8.0%	$-104.77	$-122.17	$-141.83	$-163.97	$-188.82
9.0%	$-85.72	$-99.86	$-115.82	$-133.80	$-153.97
10.0%	$-71.91	$-83.69	$-96.98	$-111.95	$-128.73
11.0%	$-61.48	$-71.48	$-82.77	$-95.46	$-109.69

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.66

Book Value / share($)Yahoo: $2.79

Results

Graham Number$6.43

Current Price$1.77

Margin of Safety+263.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 24.45%

Terminal growth rate(%)

Computed WACC: 24.45%

Cost of equity (Re)26.23%(Rf 4.30% + β 3.99 × 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)93.18%

Debt weight (D/V)6.82%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$1.77

Implied Near-term FCF Growth—

Historical Revenue Growth32.2%

Historical Earnings Growth—

Base FCF (TTM)-$459.35M

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$1.77

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $162.20M

Target EV/EBITDA multipleCurrent: 3.6×

Net Debt($B)Default: -$137.20M

Results

Implied Equity Value / share$2.23

Current Price$1.77

Upside / Downside+25.9%

Implied EV$583.92M

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

Mult \ Net Debt	-$2.14B	-$1.14B	-$137.20M	$862.80M	$1.86B
-0.4x	$6.40	$3.31	$0.22	$-2.87	$-5.96
1.6x	$7.40	$4.32	$1.23	$-1.86	$-4.95
3.6x	$8.41	$5.32	$2.23	$-0.86	$-3.95
5.6x	$9.41	$6.32	$3.23	$0.14	$-2.95
7.6x	$10.41	$7.32	$4.23	$1.14	$-1.95

← Overview Financial Statements ← Companies