CERT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.05)
DCF	$9.88	+40.2%
Graham Number	$3.24	-54.0%
Reverse DCF	—	implied g: -0.3%
DDM	—	—
EV/EBITDA	$7.04	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $96.40M

Near-term growth (yrs 1–5)(%)Rev: 3.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.19%

Computed WACC: 10.19%

Cost of equity (Re)12.98%(Rf 4.30% + β 1.58 × 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)78.49%

Debt weight (D/V)21.51%

Results

Intrinsic Value / share$8.22

Current Price$7.05

Upside / Downside+16.6%

Net Debt (used)$118.38M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$9.97	$12.14	$14.66	$17.58	$20.94
8.0%	$8.07	$9.81	$11.84	$14.18	$16.87
9.0%	$6.75	$8.20	$9.88	$11.83	$14.06
10.0%	$5.78	$7.01	$8.45	$10.10	$12.00
11.0%	$5.03	$6.11	$7.35	$8.79	$10.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.07

Book Value / share($)Yahoo: $6.68

Results

Graham Number$3.24

Current Price$7.05

Margin of Safety-54.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.19%

Terminal growth rate(%)

Computed WACC: 10.19%

Cost of equity (Re)12.98%(Rf 4.30% + β 1.58 × 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)78.49%

Debt weight (D/V)21.51%

Results

Current Price$7.05

Implied Near-term FCF Growth2.5%

Historical Revenue Growth3.3%

Historical Earnings Growth—

Base FCF (TTM)$96.40M

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$7.05

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $98.47M

Target EV/EBITDA multipleCurrent: 12.6×

Net Debt($B)Default: $118.38M

Results

Implied Equity Value / share$7.04

Current Price$7.05

Upside / Downside-0.1%

Implied EV$1.24B

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

Mult \ Net Debt	-$1.88B	-$881.62M	$118.38M	$1.12B	$2.12B
8.6x	$17.13	$10.85	$4.57	$-1.71	$-7.99
10.6x	$18.36	$12.09	$5.81	$-0.47	$-6.75
12.6x	$19.60	$13.32	$7.04	$0.77	$-5.51
14.6x	$20.84	$14.56	$8.28	$2.00	$-4.28
16.6x	$22.07	$15.80	$9.52	$3.24	$-3.04

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