CEVA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.44)
DCF	$9.75	-54.5%
Graham Number	—	—
Reverse DCF	—	implied g: 40.7%
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: $2.91M

Near-term growth (yrs 1–5)(%)Rev: 7.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.36%

Computed WACC: 12.36%

Cost of equity (Re)12.70%(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)97.29%

Debt weight (D/V)2.71%

Results

Intrinsic Value / share$9.00

Current Price$21.44

Upside / Downside-58.0%

Net Debt (used)-$205.85M

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

WACC \ Near-term	-0.9%	3.1%	7.1%	11.1%	15.1%
7.0%	$9.79	$10.23	$10.73	$11.31	$11.98
8.0%	$9.40	$9.75	$10.15	$10.62	$11.15
9.0%	$9.13	$9.42	$9.75	$10.14	$10.58
10.0%	$8.93	$9.17	$9.46	$9.79	$10.16
11.0%	$8.77	$8.99	$9.23	$9.52	$9.84

2 — Graham Number

Assumptions

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

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

Book Value / share($)Yahoo: $12.23

Results

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

Graham Number—

Current Price$21.44

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.36%

Terminal growth rate(%)

Computed WACC: 12.36%

Cost of equity (Re)12.70%(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)97.29%

Debt weight (D/V)2.71%

Results

Current Price$21.44

Implied Near-term FCF Growth51.9%

Historical Revenue Growth7.1%

Historical Earnings Growth—

Base FCF (TTM)$2.91M

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$21.44

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$7.08M

Target EV/EBITDA multipleCurrent: -55.0×

Net Debt($B)Default: -$205.85M

Results

Implied Equity Value / share$22.02

Current Price$21.44

Upside / Downside+2.7%

Implied EV$389.20M

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