III — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.77)
DCF	$36785.04	+771074.8%
Graham Number	$2.91	-39.1%
Reverse DCF	—	implied g: -6.4%
DDM	$3.71	-22.3%
EV/EBITDA	$4.84	+1.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $29.90M

Near-term growth (yrs 1–5)(%)Rev: 1.8% / EPS: 200.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.69%

Computed WACC: 7.69%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × 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)77.04%

Debt weight (D/V)22.96%

Results

Intrinsic Value / share$50659.50

Current Price$4.77

Upside / Downside+1061943.9%

Net Debt (used)$39.77M

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

WACC \ Near-term	192.0%	196.0%	200.0%	204.0%	208.0%
7.0%	$53693.53	$57472.22	$61460.72	$65667.66	$70101.89
8.0%	$40829.75	$43702.92	$46735.61	$49934.38	$53305.96
9.0%	$32136.97	$34398.23	$36785.04	$39302.54	$41956.05
10.0%	$25930.08	$27754.44	$29680.07	$31711.15	$33851.93
11.0%	$21318.44	$22818.19	$24401.19	$26070.86	$27830.71

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.19

Book Value / share($)Yahoo: $1.98

Results

Graham Number$2.91

Current Price$4.77

Margin of Safety-39.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.69%

Terminal growth rate(%)

Computed WACC: 7.69%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × 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)77.04%

Debt weight (D/V)22.96%

Results

Current Price$4.77

Implied Near-term FCF Growth-9.6%

Historical Revenue Growth1.8%

Historical Earnings Growth200.0%

Base FCF (TTM)$29.90M

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: $0.18

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$3.71

Current Price$4.77

Upside / Downside-22.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $17.49M

Target EV/EBITDA multipleCurrent: 15.5×

Net Debt($B)Default: $39.77M

Results

Implied Equity Value / share$4.84

Current Price$4.77

Upside / Downside+1.5%

Implied EV$271.53M

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

Mult \ Net Debt	-$1.96B	-$960.23M	$39.77M	$1.04B	$2.04B
11.5x	$45.15	$24.26	$3.38	$-17.50	$-38.39
13.5x	$45.88	$24.99	$4.11	$-16.77	$-37.66
15.5x	$46.61	$25.72	$4.84	$-16.04	$-36.93
17.5x	$47.34	$26.45	$5.57	$-15.31	$-36.20
19.5x	$48.07	$27.18	$6.30	$-14.58	$-35.47

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