FORR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.02)
DCF	$3.03	-49.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$5.98	-0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -6.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.67%

Computed WACC: 5.67%

Cost of equity (Re)9.33%(Rf 4.30% + β 0.92 × 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)60.73%

Debt weight (D/V)39.27%

Results

Intrinsic Value / share$3.03

Current Price$6.02

Upside / Downside-49.6%

Net Debt (used)-$57.66M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$3.03	$3.03	$3.03	$3.03	$3.03
8.0%	$3.03	$3.03	$3.03	$3.03	$3.03
9.0%	$3.03	$3.03	$3.03	$3.03	$3.03
10.0%	$3.03	$3.03	$3.03	$3.03	$3.03
11.0%	$3.03	$3.03	$3.03	$3.03	$3.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-6.28

Book Value / share($)Yahoo: $8.30

Results

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

Graham Number—

Current Price$6.02

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.67%

Terminal growth rate(%)

Computed WACC: 5.67%

Cost of equity (Re)9.33%(Rf 4.30% + β 0.92 × 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)60.73%

Debt weight (D/V)39.27%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$6.02

Implied Near-term FCF Growth—

Historical Revenue Growth-6.5%

Historical Earnings Growth—

Base FCF (TTM)—

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$6.02

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $24.35M

Target EV/EBITDA multipleCurrent: 2.3×

Net Debt($B)Default: -$57.66M

Results

Implied Equity Value / share$5.98

Current Price$6.02

Upside / Downside-0.7%

Implied EV$55.97M

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

Mult \ Net Debt	-$2.06B	-$1.06B	-$57.66M	$942.34M	$1.94B
-1.7x	$106.10	$53.48	$0.85	$-51.77	$-104.39
0.3x	$108.66	$56.04	$3.42	$-49.21	$-101.83
2.3x	$111.23	$58.60	$5.98	$-46.64	$-99.27
4.3x	$113.79	$61.17	$8.54	$-44.08	$-96.70
6.3x	$116.35	$63.73	$11.11	$-41.52	$-94.14

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