BWIN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.47)
DCF	$-16.81	-174.8%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$22.95	+2.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$20.13M

Near-term growth (yrs 1–5)(%)Rev: 5.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.94%

Computed WACC: 6.94%

Cost of equity (Re)11.51%(Rf 4.30% + β 1.31 × 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)60.25%

Debt weight (D/V)39.75%

Results

Intrinsic Value / share$-18.23

Current Price$22.47

Upside / Downside-181.1%

Net Debt (used)$1.64B

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

WACC \ Near-term	-2.7%	1.3%	5.3%	9.3%	13.3%
7.0%	$-16.84	$-17.45	$-18.17	$-19.00	$-19.95
8.0%	$-16.29	$-16.79	$-17.36	$-18.03	$-18.79
9.0%	$-15.91	$-16.33	$-16.80	$-17.36	$-17.99
10.0%	$-15.64	$-15.99	$-16.40	$-16.87	$-17.40
11.0%	$-15.43	$-15.73	$-16.08	$-16.49	$-16.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.44

Book Value / share($)Yahoo: $8.36

Results

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

Graham Number—

Current Price$22.47

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.94%

Terminal growth rate(%)

Computed WACC: 6.94%

Cost of equity (Re)11.51%(Rf 4.30% + β 1.31 × 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)60.25%

Debt weight (D/V)39.75%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$22.47

Implied Near-term FCF Growth—

Historical Revenue Growth5.3%

Historical Earnings Growth—

Base FCF (TTM)-$20.13M

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$22.47

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $214.15M

Target EV/EBITDA multipleCurrent: 20.4×

Net Debt($B)Default: $1.64B

Results

Implied Equity Value / share$22.95

Current Price$22.47

Upside / Downside+2.1%

Implied EV$4.37B

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

Mult \ Net Debt	$1.64B	$1.64B	$1.64B	$1.64B	$1.64B
16.4x	$15.74	$15.74	$15.74	$15.74	$15.74
18.4x	$19.35	$19.35	$19.35	$19.35	$19.35
20.4x	$22.95	$22.95	$22.95	$22.95	$22.95
22.4x	$26.56	$26.56	$26.56	$26.56	$26.56
24.4x	$30.16	$30.16	$30.16	$30.16	$30.16

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