CAL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.38)
DCF	$-67.31	-691.4%
Graham Number	$16.19	+42.2%
Reverse DCF	—	—
DDM	$5.77	-49.3%
EV/EBITDA	$11.63	+2.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$70.23M

Near-term growth (yrs 1–5)(%)Rev: 6.6% / EPS: -94.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.24%

Computed WACC: 2.24%

Cost of equity (Re)7.83%(Rf 4.30% + β 0.64 × 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)28.64%

Debt weight (D/V)71.36%

Results

Intrinsic Value / share—

Current Price$11.38

Upside / Downside—

Net Debt (used)$927.14M

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

WACC \ Near-term	-1.4%	2.6%	6.6%	10.6%	14.6%
7.0%	$-68.01	$-76.15	$-85.60	$-96.52	$-109.07
8.0%	$-60.67	$-67.21	$-74.79	$-83.53	$-93.58
9.0%	$-55.58	$-61.02	$-67.31	$-74.56	$-82.87
10.0%	$-51.86	$-56.48	$-61.83	$-67.99	$-75.04
11.0%	$-49.00	$-53.02	$-57.65	$-62.97	$-69.07

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.64

Book Value / share($)Yahoo: $18.19

Results

Graham Number$16.19

Current Price$11.38

Margin of Safety+42.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.24%

Terminal growth rate(%)

Computed WACC: 2.24%

Cost of equity (Re)7.83%(Rf 4.30% + β 0.64 × 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)28.64%

Debt weight (D/V)71.36%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$11.38

Implied Near-term FCF Growth—

Historical Revenue Growth6.6%

Historical Earnings Growth-94.1%

Base FCF (TTM)-$70.23M

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: $0.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.77

Current Price$11.38

Upside / Downside-49.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $121.64M

Target EV/EBITDA multipleCurrent: 10.9×

Net Debt($B)Default: $927.14M

Results

Implied Equity Value / share$11.63

Current Price$11.38

Upside / Downside+2.2%

Implied EV$1.32B

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

Mult \ Net Debt	-$1.07B	-$72.86M	$927.14M	$1.93B	$2.93B
6.9x	$56.28	$26.78	$-2.72	$-32.23	$-61.73
8.9x	$63.46	$33.96	$4.45	$-25.05	$-54.55
10.9x	$70.64	$41.13	$11.63	$-17.87	$-47.37
12.9x	$77.81	$48.31	$18.81	$-10.69	$-40.20
14.9x	$84.99	$55.49	$25.99	$-3.52	$-33.02

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