ELME — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.14)
DCF	$11.39	+432.1%
Graham Number	—	—
Reverse DCF	—	implied g: -6.1%
DDM	$14.83	+593.1%
EV/EBITDA	$2.13	-0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $97.67M

Near-term growth (yrs 1–5)(%)Rev: 1.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.56%

Computed WACC: 2.56%

Cost of equity (Re)8.63%(Rf 4.30% + β 0.79 × ERP 5.50%)

Cost of debt (Rd)1.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)21.14%

Debt weight (D/V)78.86%

Results

Intrinsic Value / share$2109.06

Current Price$2.14

Upside / Downside+98454.4%

Net Debt (used)$702.56M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$11.55	$15.49	$20.06	$25.36	$31.46
8.0%	$8.09	$11.26	$14.93	$19.19	$24.08
9.0%	$5.69	$8.33	$11.39	$14.92	$18.97
10.0%	$3.93	$6.18	$8.78	$11.79	$15.23
11.0%	$2.58	$4.54	$6.80	$9.40	$12.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.53

Book Value / share($)Yahoo: $10.31

Results

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

Graham Number—

Current Price$2.14

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.56%

Terminal growth rate(%)

Computed WACC: 2.56%

Cost of equity (Re)8.63%(Rf 4.30% + β 0.79 × ERP 5.50%)

Cost of debt (Rd)1.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)21.14%

Debt weight (D/V)78.86%

Results

Current Price$2.14

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth1.7%

Historical Earnings Growth—

Base FCF (TTM)$97.67M

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: $0.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.83

Current Price$2.14

Upside / Downside+593.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $109.16M

Target EV/EBITDA multipleCurrent: 8.2×

Net Debt($B)Default: $702.56M

Results

Implied Equity Value / share$2.13

Current Price$2.14

Upside / Downside-0.7%

Implied EV$891.52M

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

Mult \ Net Debt	-$1.30B	-$297.44M	$702.56M	$1.70B	$2.70B
4.2x	$19.71	$8.46	$-2.79	$-14.03	$-25.28
6.2x	$22.17	$10.92	$-0.33	$-11.58	$-22.83
8.2x	$24.62	$13.37	$2.13	$-9.12	$-20.37
10.2x	$27.08	$15.83	$4.58	$-6.67	$-17.92
12.2x	$29.53	$18.29	$7.04	$-4.21	$-15.46

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