GTN-A — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.30)
DCF	$-55.90	-642.7%
Graham Number	$14.67	+42.5%
Reverse DCF	—	implied g: 7.1%
DDM	$6.59	-36.0%
EV/EBITDA	$174.89	+1597.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $279.62M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.00%

Computed WACC: 7.00%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.87 × ERP 5.50%)

Cost of debt (Rd)8.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)15.32%

Debt weight (D/V)84.68%

Results

Intrinsic Value / share$174.46

Current Price$10.30

Upside / Downside+1593.8%

Net Debt (used)$5.45B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-51.50	$52.95	$174.46	$315.10	$477.08
8.0%	$-143.40	$-59.33	$38.32	$151.19	$281.04
9.0%	$-207.09	$-137.09	$-55.90	$37.82	$145.51
10.0%	$-253.84	$-194.12	$-124.96	$-45.23	$46.28
11.0%	$-289.63	$-237.75	$-177.75	$-108.67	$-29.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.43

Book Value / share($)Yahoo: $22.25

Results

Graham Number$14.67

Current Price$10.30

Margin of Safety+42.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.00%

Terminal growth rate(%)

Computed WACC: 7.00%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.87 × ERP 5.50%)

Cost of debt (Rd)8.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)15.32%

Debt weight (D/V)84.68%

Results

Current Price$10.30

Implied Near-term FCF Growth1.0%

Historical Revenue Growth-24.2%

Historical Earnings Growth—

Base FCF (TTM)$279.62M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$10.30

Upside / Downside-36.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $648.00M

Target EV/EBITDA multipleCurrent: 11.0×

Net Debt($B)Default: $5.45B

Results

Implied Equity Value / share$174.89

Current Price$10.30

Upside / Downside+1597.9%

Implied EV$7.12B

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

Mult \ Net Debt	$3.45B	$4.45B	$5.45B	$6.45B	$7.45B
7.0x	$113.13	$8.82	$-95.50	$-199.81	$-304.13
9.0x	$248.32	$144.01	$39.69	$-64.62	$-168.94
11.0x	$383.51	$279.20	$174.89	$70.57	$-33.74
13.0x	$518.71	$414.39	$310.08	$205.76	$101.45
15.0x	$653.90	$549.58	$445.27	$340.95	$236.64

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