GMRE-PA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.63)
DCF	—	—
Graham Number	$11.71	-52.5%
Reverse DCF	—	implied g: 65.0%
DDM	$38.73	+57.2%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $66.02M

Near-term growth (yrs 1–5)(%)Rev: 8.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.88%

Computed WACC: 3.88%

Cost of equity (Re)10.92%(Rf 4.30% + β 1.20 × 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)35.50%

Debt weight (D/V)64.50%

Results

Intrinsic Value / share—

Current Price$24.63

Upside / Downside—

Net Debt (used)$708.55M

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

WACC \ Near-term	0.6%	4.6%	8.6%	12.6%	16.6%
7.0%	—	—	—	—	—
8.0%	—	—	—	—	—
9.0%	—	—	—	—	—
10.0%	—	—	—	—	—
11.0%	—	—	—	—	—

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.20

Book Value / share($)Yahoo: $30.61

Results

Graham Number$11.71

Current Price$24.63

Margin of Safety-52.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.88%

Terminal growth rate(%)

Computed WACC: 3.88%

Cost of equity (Re)10.92%(Rf 4.30% + β 1.20 × 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)35.50%

Debt weight (D/V)64.50%

Results

Current Price$24.63

Implied Near-term FCF Growth65.0%

Historical Revenue Growth8.6%

Historical Earnings Growth—

Base FCF (TTM)$66.02M

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: $1.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$38.73

Current Price$24.63

Upside / Downside+57.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $87.53M

Target EV/EBITDA multipleCurrent: 12.9×

Net Debt($B)Default: $708.55M

Results

Implied Equity Value / share—

Current Price$24.63

Upside / Downside—

Implied EV$1.13B

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