DNUT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.53)
DCF	$-12.52	-454.8%
Graham Number	—	—
Reverse DCF	—	—
DDM	$2.88	-18.3%
EV/EBITDA	$3.67	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$43.45M

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.36%

Computed WACC: 3.36%

Cost of equity (Re)11.29%(Rf 4.30% + β 1.27 × 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)29.79%

Debt weight (D/V)70.21%

Results

Intrinsic Value / share$-42.10

Current Price$3.53

Upside / Downside-1292.8%

Net Debt (used)$1.38B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-12.56	$-13.47	$-14.53	$-15.75	$-17.16
8.0%	$-11.76	$-12.49	$-13.34	$-14.32	$-15.45
9.0%	$-11.21	$-11.82	$-12.52	$-13.34	$-14.27
10.0%	$-10.80	$-11.32	$-11.92	$-12.62	$-13.41
11.0%	$-10.49	$-10.94	$-11.46	$-12.06	$-12.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.99

Book Value / share($)Yahoo: $3.81

Results

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

Graham Number—

Current Price$3.53

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.36%

Terminal growth rate(%)

Computed WACC: 3.36%

Cost of equity (Re)11.29%(Rf 4.30% + β 1.27 × 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)29.79%

Debt weight (D/V)70.21%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.53

Implied Near-term FCF Growth—

Historical Revenue Growth-2.9%

Historical Earnings Growth—

Base FCF (TTM)-$43.45M

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: $0.14

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.88

Current Price$3.53

Upside / Downside-18.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $100.23M

Target EV/EBITDA multipleCurrent: 20.1×

Net Debt($B)Default: $1.38B

Results

Implied Equity Value / share$3.67

Current Price$3.53

Upside / Downside+3.9%

Implied EV$2.01B

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

Mult \ Net Debt	$1.38B	$1.38B	$1.38B	$1.38B	$1.38B
16.1x	$1.33	$1.33	$1.33	$1.33	$1.33
18.1x	$2.50	$2.50	$2.50	$2.50	$2.50
20.1x	$3.67	$3.67	$3.67	$3.67	$3.67
22.1x	$4.84	$4.84	$4.84	$4.84	$4.84
24.1x	$6.01	$6.01	$6.01	$6.01	$6.01

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