BTSG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.58)
DCF	$-3126015.83	-7518175.6%
Graham Number	$10.57	-74.6%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$47.39	+14.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$334.85M

Near-term growth (yrs 1–5)(%)Rev: 29.3% / EPS: 338.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.85%

Computed WACC: 13.85%

Cost of equity (Re)17.10%(Rf 4.30% + β 2.33 × ERP 5.50%)

Cost of debt (Rd)6.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)73.46%

Debt weight (D/V)26.54%

Results

Intrinsic Value / share$-1248498.13

Current Price$41.58

Upside / Downside-3002741.0%

Net Debt (used)$2.62B

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

WACC \ Near-term	330.3%	334.3%	338.3%	342.3%	346.3%
7.0%	$-4809742.82	$-5037482.02	$-5273767.43	$-5518837.34	$-5772934.46
8.0%	$-3641510.41	$-3813932.43	$-3992824.75	$-4178367.79	$-4370745.30
9.0%	$-2853587.24	$-2988700.24	$-3128883.44	$-3274278.22	$-3425028.55
10.0%	$-2292175.72	$-2400705.33	$-2513307.55	$-2630095.93	$-2751186.11
11.0%	$-1876002.74	$-1964826.21	$-2056982.76	$-2152565.34	$-2251668.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.54

Book Value / share($)Yahoo: $9.20

Results

Graham Number$10.57

Current Price$41.58

Margin of Safety-74.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.85%

Terminal growth rate(%)

Computed WACC: 13.85%

Cost of equity (Re)17.10%(Rf 4.30% + β 2.33 × ERP 5.50%)

Cost of debt (Rd)6.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)73.46%

Debt weight (D/V)26.54%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$41.58

Implied Near-term FCF Growth—

Historical Revenue Growth29.3%

Historical Earnings Growth338.3%

Base FCF (TTM)-$334.85M

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$41.58

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $485.33M

Target EV/EBITDA multipleCurrent: 23.0×

Net Debt($B)Default: $2.62B

Results

Implied Equity Value / share$47.39

Current Price$41.58

Upside / Downside+14.0%

Implied EV$11.17B

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

Mult \ Net Debt	$620.43M	$1.62B	$2.62B	$3.62B	$4.62B
19.0x	$47.71	$42.17	$36.62	$31.08	$25.53
21.0x	$53.10	$47.55	$42.01	$36.46	$30.92
23.0x	$58.48	$52.93	$47.39	$41.84	$36.30
25.0x	$63.86	$58.31	$52.77	$47.23	$41.68
27.0x	$69.24	$63.70	$58.15	$52.61	$47.06

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