CSPI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.71)
DCF	$1.65	-81.1%
Graham Number	—	—
Reverse DCF	—	—
DDM	$2.47	-71.6%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$333,875

Near-term growth (yrs 1–5)(%)Rev: -23.2% / EPS: -81.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.42%

Computed WACC: 8.42%

Cost of equity (Re)8.69%(Rf 4.30% + β 0.80 × 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)96.96%

Debt weight (D/V)3.04%

Results

Intrinsic Value / share$1.59

Current Price$8.71

Upside / Downside-81.7%

Net Debt (used)-$22.22M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$1.65	$1.52	$1.38	$1.22	$1.03
8.0%	$1.75	$1.65	$1.54	$1.41	$1.26
9.0%	$1.82	$1.74	$1.65	$1.54	$1.42
10.0%	$1.88	$1.81	$1.73	$1.64	$1.53
11.0%	$1.92	$1.86	$1.79	$1.71	$1.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.05

Book Value / share($)Yahoo: $4.52

Results

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

Graham Number—

Current Price$8.71

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.42%

Terminal growth rate(%)

Computed WACC: 8.42%

Cost of equity (Re)8.69%(Rf 4.30% + β 0.80 × 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)96.96%

Debt weight (D/V)3.04%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$8.71

Implied Near-term FCF Growth—

Historical Revenue Growth-23.2%

Historical Earnings Growth-81.0%

Base FCF (TTM)-$333,875

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$8.71

Upside / Downside-71.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$2.62M

Target EV/EBITDA multipleCurrent: -24.4×

Net Debt($B)Default: -$22.22M

Results

Implied Equity Value / share$8.71

Current Price$8.71

Upside / Downside-0.0%

Implied EV$64.12M

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