EVC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.11)
DCF	$-19.43	-724.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	$4.12	+32.5%
EV/EBITDA	$3.46	+11.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$27.14M

Near-term growth (yrs 1–5)(%)Rev: 24.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.35%

Computed WACC: 9.35%

Cost of equity (Re)11.53%(Rf 4.30% + β 1.31 × ERP 5.50%)

Cost of debt (Rd)8.27%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)56.43%

Debt weight (D/V)43.57%

Results

Intrinsic Value / share$-18.37

Current Price$3.11

Upside / Downside-690.8%

Net Debt (used)$152.04M

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

WACC \ Near-term	16.2%	20.2%	24.2%	28.2%	32.2%
7.0%	$-21.34	$-24.78	$-28.70	$-33.15	$-38.18
8.0%	$-17.39	$-20.11	$-23.20	$-26.71	$-30.67
9.0%	$-14.68	$-16.90	$-19.43	$-22.29	$-25.52
10.0%	$-12.71	$-14.57	$-16.69	$-19.08	$-21.78
11.0%	$-11.22	$-12.81	$-14.61	$-16.65	$-18.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.29

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$3.11

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.35%

Terminal growth rate(%)

Computed WACC: 9.35%

Cost of equity (Re)11.53%(Rf 4.30% + β 1.31 × ERP 5.50%)

Cost of debt (Rd)8.27%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)56.43%

Debt weight (D/V)43.57%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.11

Implied Near-term FCF Growth—

Historical Revenue Growth24.2%

Historical Earnings Growth—

Base FCF (TTM)-$27.14M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$3.11

Upside / Downside+32.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $26.46M

Target EV/EBITDA multipleCurrent: 16.4×

Net Debt($B)Default: $152.04M

Results

Implied Equity Value / share$3.46

Current Price$3.11

Upside / Downside+11.1%

Implied EV$434.06M

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

Mult \ Net Debt	-$1.85B	-$847.96M	$152.04M	$1.15B	$2.15B
12.4x	$26.66	$14.41	$2.16	$-10.09	$-22.34
14.4x	$27.31	$15.06	$2.81	$-9.44	$-21.70
16.4x	$27.96	$15.71	$3.46	$-8.80	$-21.05
18.4x	$28.61	$16.35	$4.10	$-8.15	$-20.40
20.4x	$29.25	$17.00	$4.75	$-7.50	$-19.75

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