EEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.25)
DCF	$4.63	+9.0%
Graham Number	$1.30	-69.5%
Reverse DCF	—	implied g: 5.7%
DDM	$1.24	-70.9%
EV/EBITDA	$4.25	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $68.86M

Near-term growth (yrs 1–5)(%)Rev: 6.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.58%

Computed WACC: 7.58%

Cost of equity (Re)7.73%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)9.29%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)62.05%

Debt weight (D/V)37.95%

Results

Intrinsic Value / share$6.59

Current Price$4.25

Upside / Downside+55.2%

Net Debt (used)$419.30M

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

WACC \ Near-term	-1.3%	2.7%	6.7%	10.7%	14.7%
7.0%	$4.77	$6.15	$7.75	$9.59	$11.72
8.0%	$3.52	$4.63	$5.91	$7.39	$9.09
9.0%	$2.66	$3.58	$4.64	$5.87	$7.28
10.0%	$2.03	$2.81	$3.72	$4.76	$5.95
11.0%	$1.54	$2.22	$3.01	$3.91	$4.94

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.04

Book Value / share($)Yahoo: $1.87

Results

Graham Number$1.30

Current Price$4.25

Margin of Safety-69.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.58%

Terminal growth rate(%)

Computed WACC: 7.58%

Cost of equity (Re)7.73%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)9.29%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)62.05%

Debt weight (D/V)37.95%

Results

Current Price$4.25

Implied Near-term FCF Growth1.6%

Historical Revenue Growth6.7%

Historical Earnings Growth—

Base FCF (TTM)$68.86M

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: $0.06

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$1.24

Current Price$4.25

Upside / Downside-70.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $97.10M

Target EV/EBITDA multipleCurrent: 13.0×

Net Debt($B)Default: $419.30M

Results

Implied Equity Value / share$4.25

Current Price$4.25

Upside / Downside-0.0%

Implied EV$1.26B

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

Mult \ Net Debt	-$1.58B	-$580.70M	$419.30M	$1.42B	$2.42B
9.0x	$12.40	$7.34	$2.29	$-2.77	$-7.82
11.0x	$13.38	$8.32	$3.27	$-1.79	$-6.84
13.0x	$14.36	$9.31	$4.25	$-0.81	$-5.86
15.0x	$15.34	$10.29	$5.23	$0.18	$-4.88
17.0x	$16.32	$11.27	$6.21	$1.16	$-3.90

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