ERNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.31)
DCF	$-3.93	-1382.2%
Graham Number	$24.01	+7731.7%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$6.21M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 39.44%

Computed WACC: 39.44%

Cost of equity (Re)42.06%(Rf 4.30% + β 6.87 × 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)93.77%

Debt weight (D/V)6.23%

Results

Intrinsic Value / share$-0.59

Current Price$0.31

Upside / Downside-292.9%

Net Debt (used)-$2.50M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-3.97	$-4.79	$-5.74	$-6.85	$-8.12
8.0%	$-3.24	$-3.90	$-4.67	$-5.56	$-6.58
9.0%	$-2.74	$-3.29	$-3.93	$-4.67	$-5.51
10.0%	$-2.38	$-2.85	$-3.39	$-4.02	$-4.73
11.0%	$-2.09	$-2.50	$-2.97	$-3.52	$-4.14

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $56.32

Book Value / share($)Yahoo: $0.46

Results

Graham Number$24.01

Current Price$0.31

Margin of Safety+7731.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 39.44%

Terminal growth rate(%)

Computed WACC: 39.44%

Cost of equity (Re)42.06%(Rf 4.30% + β 6.87 × 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)93.77%

Debt weight (D/V)6.23%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$0.31

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$6.21M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$0.31

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$9.85M

Target EV/EBITDA multipleCurrent: 0.0×

Net Debt($B)Default: -$2.50M

Results

Implied Equity Value / share$0.09

Current Price$0.31

Upside / Downside-71.0%

Implied EV-$88,659

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