EPM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.57)
DCF	$-4.71	-203.1%
Graham Number	$1.89	-58.7%
Reverse DCF	—	—
DDM	$9.89	+116.6%
EV/EBITDA	$4.45	-2.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$6.47M

Near-term growth (yrs 1–5)(%)Rev: 2.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.51%

Computed WACC: 4.51%

Cost of equity (Re)6.07%(Rf 4.30% + β 0.32 × 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)74.41%

Debt weight (D/V)25.59%

Results

Intrinsic Value / share$-12.05

Current Price$4.57

Upside / Downside-363.9%

Net Debt (used)$51.19M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-4.73	$-5.40	$-6.17	$-7.06	$-8.08
8.0%	$-4.15	$-4.68	$-5.30	$-6.02	$-6.84
9.0%	$-3.75	$-4.19	$-4.71	$-5.30	$-5.98
10.0%	$-3.45	$-3.83	$-4.27	$-4.77	$-5.35
11.0%	$-3.23	$-3.55	$-3.93	$-4.37	$-4.87

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.08

Book Value / share($)Yahoo: $1.98

Results

Graham Number$1.89

Current Price$4.57

Margin of Safety-58.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.51%

Terminal growth rate(%)

Computed WACC: 4.51%

Cost of equity (Re)6.07%(Rf 4.30% + β 0.32 × 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)74.41%

Debt weight (D/V)25.59%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$4.57

Implied Near-term FCF Growth—

Historical Revenue Growth2.0%

Historical Earnings Growth—

Base FCF (TTM)-$6.47M

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: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$4.57

Upside / Downside+116.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $30.52M

Target EV/EBITDA multipleCurrent: 6.8×

Net Debt($B)Default: $51.19M

Results

Implied Equity Value / share$4.45

Current Price$4.57

Upside / Downside-2.6%

Implied EV$206.80M

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

Mult \ Net Debt	-$1.95B	-$948.81M	$51.19M	$1.05B	$2.05B
2.8x	$58.09	$29.53	$0.96	$-27.61	$-56.18
4.8x	$59.84	$31.27	$2.70	$-25.87	$-54.44
6.8x	$61.58	$33.01	$4.45	$-24.12	$-52.69
8.8x	$63.33	$34.76	$6.19	$-22.38	$-50.95
10.8x	$65.07	$36.50	$7.93	$-20.63	$-49.20

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