BW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.00)
DCF	$-8.51	-194.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$9.00	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$29.22M

Near-term growth (yrs 1–5)(%)Rev: -2.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.98%

Computed WACC: 10.98%

Cost of equity (Re)12.42%(Rf 4.30% + β 1.48 × ERP 5.50%)

Cost of debt (Rd)9.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)68.33%

Debt weight (D/V)31.67%

Results

Intrinsic Value / share$-7.42

Current Price$9.00

Upside / Downside-182.5%

Net Debt (used)$432.62M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-8.55	$-9.49	$-10.59	$-11.86	$-13.32
8.0%	$-7.72	$-8.48	$-9.36	$-10.38	$-11.55
9.0%	$-7.15	$-7.78	$-8.51	$-9.36	$-10.33
10.0%	$-6.73	$-7.26	$-7.89	$-8.61	$-9.43
11.0%	$-6.40	$-6.87	$-7.41	$-8.04	$-8.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.70

Book Value / share($)Yahoo: $-2.09

Results

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

Graham Number—

Current Price$9.00

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.98%

Terminal growth rate(%)

Computed WACC: 10.98%

Cost of equity (Re)12.42%(Rf 4.30% + β 1.48 × ERP 5.50%)

Cost of debt (Rd)9.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)68.33%

Debt weight (D/V)31.67%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$9.00

Implied Near-term FCF Growth—

Historical Revenue Growth-2.4%

Historical Earnings Growth—

Base FCF (TTM)-$29.22M

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$9.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $17.94M

Target EV/EBITDA multipleCurrent: 79.9×

Net Debt($B)Default: $432.62M

Results

Implied Equity Value / share$9.00

Current Price$9.00

Upside / Downside+0.0%

Implied EV$1.43B

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

Mult \ Net Debt	-$1.57B	-$567.38M	$432.62M	$1.43B	$2.43B
75.9x	$26.36	$17.36	$8.35	$-0.65	$-9.65
77.9x	$26.68	$17.68	$8.68	$-0.32	$-9.32
79.9x	$27.00	$18.00	$9.00	$-0.00	$-9.00
81.9x	$27.33	$18.32	$9.32	$0.32	$-8.68
83.9x	$27.65	$18.65	$9.65	$0.65	$-8.36

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