GNL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.68)
DCF	$107.91	+1014.7%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	$15.66	+61.7%
EV/EBITDA	$9.45	-2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.48B

Near-term growth (yrs 1–5)(%)Rev: -15.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.71%

Computed WACC: 4.71%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × 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)45.53%

Debt weight (D/V)54.47%

Results

Intrinsic Value / share$341.36

Current Price$9.68

Upside / Downside+3426.4%

Net Debt (used)$2.38B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$108.93	$133.15	$161.33	$193.94	$231.51
8.0%	$87.61	$107.11	$129.76	$155.93	$186.04
9.0%	$72.84	$89.08	$107.91	$129.64	$154.61
10.0%	$62.00	$75.85	$91.89	$110.38	$131.60
11.0%	$53.70	$65.73	$79.65	$95.67	$114.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.26

Book Value / share($)Yahoo: $7.71

Results

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

Graham Number—

Current Price$9.68

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.71%

Terminal growth rate(%)

Computed WACC: 4.71%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × 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)45.53%

Debt weight (D/V)54.47%

Results

Current Price$9.68

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-15.1%

Historical Earnings Growth—

Base FCF (TTM)$1.48B

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: $0.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.66

Current Price$9.68

Upside / Downside+61.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $374.47M

Target EV/EBITDA multipleCurrent: 11.9×

Net Debt($B)Default: $2.38B

Results

Implied Equity Value / share$9.45

Current Price$9.68

Upside / Downside-2.4%

Implied EV$4.45B

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

Mult \ Net Debt	$379.25M	$1.38B	$2.38B	$3.38B	$4.38B
7.9x	$11.74	$7.18	$2.62	$-1.94	$-6.50
9.9x	$15.16	$10.60	$6.04	$1.47	$-3.09
11.9x	$18.57	$14.01	$9.45	$4.89	$0.33
13.9x	$21.99	$17.43	$12.87	$8.31	$3.74
15.9x	$25.41	$20.85	$16.28	$11.72	$7.16

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