ETON — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.83)
DCF	$-23.36	-231.0%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$18.15	+1.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$162,625

Near-term growth (yrs 1–5)(%)Rev: 117.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.07%

Computed WACC: 11.07%

Cost of equity (Re)11.10%(Rf 4.30% + β 1.24 × ERP 5.50%)

Cost of debt (Rd)13.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.93%

Debt weight (D/V)6.07%

Results

Intrinsic Value / share$-15.48

Current Price$17.83

Upside / Downside-186.8%

Net Debt (used)-$6.24M

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

WACC \ Near-term	109.5%	113.5%	117.5%	121.5%	125.5%
7.0%	$-32.04	$-35.24	$-38.68	$-42.39	$-46.37
8.0%	$-24.49	$-26.94	$-29.57	$-32.41	$-35.46
9.0%	$-19.37	$-21.31	$-23.40	$-25.65	$-28.06
10.0%	$-15.70	$-17.28	$-18.97	$-20.80	$-22.76
11.0%	$-12.97	$-14.27	$-15.68	$-17.19	$-18.81

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.26

Book Value / share($)Yahoo: $0.86

Results

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

Graham Number—

Current Price$17.83

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.07%

Terminal growth rate(%)

Computed WACC: 11.07%

Cost of equity (Re)11.10%(Rf 4.30% + β 1.24 × ERP 5.50%)

Cost of debt (Rd)13.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.93%

Debt weight (D/V)6.07%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$17.83

Implied Near-term FCF Growth—

Historical Revenue Growth117.5%

Historical Earnings Growth—

Base FCF (TTM)-$162,625

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$17.83

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.72M

Target EV/EBITDA multipleCurrent: 101.8×

Net Debt($B)Default: -$6.24M

Results

Implied Equity Value / share$18.15

Current Price$17.83

Upside / Downside+1.8%

Implied EV$480.49M

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$6.24M	$993.76M	$1.99B
97.8x	$92.02	$54.73	$17.45	$-19.84	$-57.13
99.8x	$92.38	$55.09	$17.80	$-19.49	$-56.78
101.8x	$92.73	$55.44	$18.15	$-19.14	$-56.43
103.8x	$93.08	$55.79	$18.50	$-18.79	$-56.08
105.8x	$93.43	$56.14	$18.85	$-18.43	$-55.72

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