ESCA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.88)
DCF	$157.80	+960.5%
Graham Number	$16.18	+8.7%
Reverse DCF	—	implied g: -5.4%
DDM	$12.57	-15.6%
EV/EBITDA	$14.58	-2.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.48M

Near-term growth (yrs 1–5)(%)Rev: -2.2% / EPS: 35.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.73%

Computed WACC: 7.73%

Cost of equity (Re)8.19%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)3.80%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.22%

Debt weight (D/V)8.78%

Results

Intrinsic Value / share$205.85

Current Price$14.88

Upside / Downside+1283.4%

Net Debt (used)$7.88M

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

WACC \ Near-term	27.4%	31.4%	35.4%	39.4%	43.4%
7.0%	$182.73	$212.56	$246.20	$283.99	$326.33
8.0%	$144.00	$167.37	$193.71	$223.30	$256.44
9.0%	$117.49	$136.44	$157.80	$181.79	$208.63
10.0%	$98.29	$114.06	$131.81	$151.74	$174.03
11.0%	$83.81	$97.17	$112.21	$129.08	$147.95

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.92

Book Value / share($)Yahoo: $12.65

Results

Graham Number$16.18

Current Price$14.88

Margin of Safety+8.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.73%

Terminal growth rate(%)

Computed WACC: 7.73%

Cost of equity (Re)8.19%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)3.80%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.22%

Debt weight (D/V)8.78%

Results

Current Price$14.88

Implied Near-term FCF Growth-8.6%

Historical Revenue Growth-2.2%

Historical Earnings Growth35.4%

Base FCF (TTM)$22.48M

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: $0.61

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.57

Current Price$14.88

Upside / Downside-15.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $23.79M

Target EV/EBITDA multipleCurrent: 8.8×

Net Debt($B)Default: $7.88M

Results

Implied Equity Value / share$14.58

Current Price$14.88

Upside / Downside-2.0%

Implied EV$209.09M

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

Mult \ Net Debt	-$1.99B	-$992.12M	$7.88M	$1.01B	$2.01B
4.8x	$152.57	$80.13	$7.68	$-64.76	$-137.21
6.8x	$156.02	$83.57	$11.13	$-61.31	$-133.76
8.8x	$159.46	$87.02	$14.58	$-57.87	$-130.31
10.8x	$162.91	$90.47	$18.02	$-54.42	$-126.86
12.8x	$166.36	$93.91	$21.47	$-50.97	$-123.42

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