CRD-A — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.94)
DCF	$97.47	+791.0%
Graham Number	$7.45	-31.9%
Reverse DCF	—	implied g: 0.2%
DDM	$6.18	-43.5%
EV/EBITDA	$17.84	+63.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $42.66M

Near-term growth (yrs 1–5)(%)Rev: -2.2% / EPS: 30.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.24%

Computed WACC: 7.24%

Cost of equity (Re)8.11%(Rf 4.30% + β 0.69 × ERP 5.50%)

Cost of debt (Rd)7.22%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)63.79%

Debt weight (D/V)36.21%

Results

Intrinsic Value / share$145.43

Current Price$10.94

Upside / Downside+1229.3%

Net Debt (used)$236.79M

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

WACC \ Near-term	22.4%	26.4%	30.4%	34.4%	38.4%
7.0%	$111.86	$132.07	$154.96	$180.79	$209.83
8.0%	$86.98	$102.86	$120.84	$141.12	$163.92
9.0%	$69.93	$82.85	$97.47	$113.96	$132.48
10.0%	$57.57	$68.34	$80.53	$94.27	$109.69
11.0%	$48.23	$57.39	$67.74	$79.40	$92.49

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.65

Book Value / share($)Yahoo: $3.79

Results

Graham Number$7.45

Current Price$10.94

Margin of Safety-31.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.24%

Terminal growth rate(%)

Computed WACC: 7.24%

Cost of equity (Re)8.11%(Rf 4.30% + β 0.69 × ERP 5.50%)

Cost of debt (Rd)7.22%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)63.79%

Debt weight (D/V)36.21%

Results

Current Price$10.94

Implied Near-term FCF Growth-4.6%

Historical Revenue Growth-2.2%

Historical Earnings Growth30.4%

Base FCF (TTM)$42.66M

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: $0.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.18

Current Price$10.94

Upside / Downside-43.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $84.45M

Target EV/EBITDA multipleCurrent: 9.2×

Net Debt($B)Default: $236.79M

Results

Implied Equity Value / share$17.84

Current Price$10.94

Upside / Downside+63.0%

Implied EV$773.48M

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

Mult \ Net Debt	-$1.76B	-$763.21M	$236.79M	$1.24B	$2.24B
5.2x	$73.07	$39.84	$6.61	$-26.62	$-59.85
7.2x	$78.69	$45.45	$12.22	$-21.01	$-54.24
9.2x	$84.30	$51.07	$17.84	$-15.40	$-48.63
11.2x	$89.91	$56.68	$23.45	$-9.78	$-43.02
13.2x	$95.52	$62.29	$29.06	$-4.17	$-37.40

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