CERS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.56)
DCF	$0.32	-87.6%
Graham Number	—	—
Reverse DCF	—	implied g: 48.6%
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.65M

Near-term growth (yrs 1–5)(%)Rev: 14.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.62%

Computed WACC: 10.62%

Cost of equity (Re)12.74%(Rf 4.30% + β 1.53 × 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)83.36%

Debt weight (D/V)16.64%

Results

Intrinsic Value / share$0.23

Current Price$2.56

Upside / Downside-91.2%

Net Debt (used)$19.67M

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

WACC \ Near-term	6.5%	10.5%	14.5%	18.5%	22.5%
7.0%	$0.34	$0.43	$0.52	$0.64	$0.76
8.0%	$0.26	$0.32	$0.40	$0.49	$0.59
9.0%	$0.20	$0.25	$0.32	$0.39	$0.47
10.0%	$0.16	$0.20	$0.26	$0.32	$0.39
11.0%	$0.12	$0.16	$0.21	$0.26	$0.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.08

Book Value / share($)Yahoo: $0.32

Results

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

Graham Number—

Current Price$2.56

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.62%

Terminal growth rate(%)

Computed WACC: 10.62%

Cost of equity (Re)12.74%(Rf 4.30% + β 1.53 × 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)83.36%

Debt weight (D/V)16.64%

Results

Current Price$2.56

Implied Near-term FCF Growth54.7%

Historical Revenue Growth14.5%

Historical Earnings Growth—

Base FCF (TTM)$2.65M

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$2.56

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$8.12M

Target EV/EBITDA multipleCurrent: -63.0×

Net Debt($B)Default: $19.67M

Results

Implied Equity Value / share$2.56

Current Price$2.56

Upside / Downside+0.2%

Implied EV$512.16M

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