ESOA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.28)
DCF	$40137.48	+262579.8%
Graham Number	$3.27	-78.6%
Reverse DCF	—	implied g: 21.6%
DDM	$2.47	-83.8%
EV/EBITDA	$13.60	-11.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $7.26M

Near-term growth (yrs 1–5)(%)Rev: 13.4% / EPS: 220.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.75%

Computed WACC: 9.75%

Cost of equity (Re)11.94%(Rf 4.30% + β 1.39 × 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)81.68%

Debt weight (D/V)18.32%

Results

Intrinsic Value / share$34077.86

Current Price$15.28

Upside / Downside+222922.6%

Net Debt (used)$47.28M

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

WACC \ Near-term	212.0%	216.0%	220.0%	224.0%	228.0%
7.0%	$59205.06	$63098.16	$67193.41	$71498.60	$76021.68
8.0%	$44976.89	$47934.27	$51045.20	$54315.60	$57751.52
9.0%	$35366.10	$37691.42	$40137.48	$42708.91	$45410.48
10.0%	$28506.85	$30381.08	$32352.62	$34425.20	$36602.67
11.0%	$23413.02	$24952.27	$26571.42	$28273.55	$30061.82

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.13

Book Value / share($)Yahoo: $3.65

Results

Graham Number$3.27

Current Price$15.28

Margin of Safety-78.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.75%

Terminal growth rate(%)

Computed WACC: 9.75%

Cost of equity (Re)11.94%(Rf 4.30% + β 1.39 × 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)81.68%

Debt weight (D/V)18.32%

Results

Current Price$15.28

Implied Near-term FCF Growth24.0%

Historical Revenue Growth13.4%

Historical Earnings Growth220.0%

Base FCF (TTM)$7.26M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$15.28

Upside / Downside-83.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $21.57M

Target EV/EBITDA multipleCurrent: 14.0×

Net Debt($B)Default: $47.28M

Results

Implied Equity Value / share$13.60

Current Price$15.28

Upside / Downside-11.0%

Implied EV$301.13M

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

Mult \ Net Debt	-$1.95B	-$952.72M	$47.28M	$1.05B	$2.05B
10.0x	$116.16	$62.57	$8.98	$-44.61	$-98.20
12.0x	$118.47	$64.88	$11.29	$-42.30	$-95.89
14.0x	$120.79	$67.19	$13.60	$-39.99	$-93.58
16.0x	$123.10	$69.51	$15.92	$-37.67	$-91.26
18.0x	$125.41	$71.82	$18.23	$-35.36	$-88.95

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