GWRS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.90)
DCF	$-35.42	-498.0%
Graham Number	$3.45	-61.2%
Reverse DCF	—	—
DDM	$6.18	-30.6%
EV/EBITDA	$9.11	+2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$42.09M

Near-term growth (yrs 1–5)(%)Rev: 8.4% / EPS: -50.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.87%

Computed WACC: 7.87%

Cost of equity (Re)9.74%(Rf 4.30% + β 0.99 × ERP 5.50%)

Cost of debt (Rd)5.35%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)65.98%

Debt weight (D/V)34.02%

Results

Intrinsic Value / share$-42.34

Current Price$8.90

Upside / Downside-575.7%

Net Debt (used)$116.69M

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

WACC \ Near-term	0.4%	4.4%	8.4%	12.4%	16.4%
7.0%	$-36.29	$-42.67	$-50.06	$-58.57	$-68.35
8.0%	$-30.38	$-35.49	$-41.40	$-48.21	$-56.02
9.0%	$-26.29	$-30.52	$-35.42	$-41.05	$-47.51
10.0%	$-23.29	$-26.89	$-31.05	$-35.82	$-41.29
11.0%	$-21.00	$-24.12	$-27.71	$-31.83	$-36.55

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.17

Book Value / share($)Yahoo: $3.12

Results

Graham Number$3.45

Current Price$8.90

Margin of Safety-61.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.87%

Terminal growth rate(%)

Computed WACC: 7.87%

Cost of equity (Re)9.74%(Rf 4.30% + β 0.99 × ERP 5.50%)

Cost of debt (Rd)5.35%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)65.98%

Debt weight (D/V)34.02%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$8.90

Implied Near-term FCF Growth—

Historical Revenue Growth8.4%

Historical Earnings Growth-50.0%

Base FCF (TTM)-$42.09M

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: $0.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.18

Current Price$8.90

Upside / Downside-30.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $22.17M

Target EV/EBITDA multipleCurrent: 17.1×

Net Debt($B)Default: $116.69M

Results

Implied Equity Value / share$9.11

Current Price$8.90

Upside / Downside+2.4%

Implied EV$378.60M

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

Mult \ Net Debt	-$1.88B	-$883.31M	$116.69M	$1.12B	$2.12B
13.1x	$75.59	$40.81	$6.03	$-28.76	$-63.54
15.1x	$77.13	$42.35	$7.57	$-27.21	$-62.00
17.1x	$78.67	$43.89	$9.11	$-25.67	$-60.45
19.1x	$80.22	$45.43	$10.65	$-24.13	$-58.91
21.1x	$81.76	$46.98	$12.19	$-22.59	$-57.37

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