BYRN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.89)
DCF	$-42.09	-426.6%
Graham Number	$5.11	-60.4%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$12.89	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$16.57M

Near-term growth (yrs 1–5)(%)Rev: 26.0% / EPS: -64.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 16.71%

Computed WACC: 16.71%

Cost of equity (Re)16.85%(Rf 4.30% + β 2.28 × 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)99.20%

Debt weight (D/V)0.80%

Results

Intrinsic Value / share$-15.50

Current Price$12.89

Upside / Downside-220.2%

Net Debt (used)-$13.13M

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

WACC \ Near-term	18.0%	22.0%	26.0%	30.0%	34.0%
7.0%	$-47.09	$-55.40	$-64.85	$-75.56	$-87.65
8.0%	$-37.36	$-43.91	$-51.35	$-59.79	$-69.30
9.0%	$-30.68	$-36.02	$-42.09	$-48.97	$-56.72
10.0%	$-25.82	$-30.30	$-35.37	$-41.12	$-47.59
11.0%	$-22.15	$-25.96	$-30.29	$-35.18	$-40.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.40

Book Value / share($)Yahoo: $2.90

Results

Graham Number$5.11

Current Price$12.89

Margin of Safety-60.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 16.71%

Terminal growth rate(%)

Computed WACC: 16.71%

Cost of equity (Re)16.85%(Rf 4.30% + β 2.28 × 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)99.20%

Debt weight (D/V)0.80%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$12.89

Implied Near-term FCF Growth—

Historical Revenue Growth26.0%

Historical Earnings Growth-64.8%

Base FCF (TTM)-$16.57M

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$12.89

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $13.95M

Target EV/EBITDA multipleCurrent: 20.0×

Net Debt($B)Default: -$13.13M

Results

Implied Equity Value / share$12.89

Current Price$12.89

Upside / Downside+0.0%

Implied EV$279.10M

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$13.13M	$986.87M	$1.99B
16.0x	$98.65	$54.54	$10.43	$-33.68	$-77.79
18.0x	$99.88	$55.77	$11.66	$-32.45	$-76.56
20.0x	$101.11	$57.00	$12.89	$-31.22	$-75.33
22.0x	$102.34	$58.23	$14.12	$-29.99	$-74.10
24.0x	$103.57	$59.46	$15.35	$-28.76	$-72.87

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