ETHZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.53)
DCF	$-433.28	-12374.1%
Graham Number	—	—
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: -$441.10M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.08%

Computed WACC: 1.08%

Cost of equity (Re)9.86%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)0.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)10.93%

Debt weight (D/V)89.07%

Results

Intrinsic Value / share—

Current Price$3.53

Upside / Downside—

Net Debt (used)$493.45M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-436.77	$-519.85	$-616.50	$-728.36	$-857.20
8.0%	$-363.67	$-430.54	$-508.22	$-597.99	$-701.28
9.0%	$-313.02	$-368.70	$-433.28	$-507.82	$-593.47
10.0%	$-275.83	$-323.33	$-378.34	$-441.76	$-514.54
11.0%	$-247.36	$-288.63	$-336.35	$-391.30	$-454.29

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-182.51

Book Value / share($)Yahoo: $27.78

Results

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

Graham Number—

Current Price$3.53

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.08%

Terminal growth rate(%)

Computed WACC: 1.08%

Cost of equity (Re)9.86%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)0.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)10.93%

Debt weight (D/V)89.07%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.53

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$441.10M

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$3.53

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$226.66M

Target EV/EBITDA multipleCurrent: -2.5×

Net Debt($B)Default: $493.45M

Results

Implied Equity Value / share$3.90

Current Price$3.53

Upside / Downside+10.4%

Implied EV$567.55M

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