IIIN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.56)
DCF	$-52302971.21	-143060743.4%
Graham Number	$31.80	-13.0%
Reverse DCF	—	—
DDM	$2.47	-93.2%
EV/EBITDA	$36.56	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$7.79M

Near-term growth (yrs 1–5)(%)Rev: 23.3% / EPS: 603.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.70%

Computed WACC: 8.70%

Cost of equity (Re)8.74%(Rf 4.30% + β 0.81 × ERP 5.50%)

Cost of debt (Rd)1.46%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)99.50%

Debt weight (D/V)0.50%

Results

Intrinsic Value / share$-56188162.88

Current Price$36.56

Upside / Downside-153687635.2%

Net Debt (used)-$12.04M

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

WACC \ Near-term	595.3%	599.3%	603.3%	607.3%	611.3%
7.0%	$-83769072.14	$-86206531.13	$-88700401.70	$-91251657.40	$-93861282.94
8.0%	$-63248274.42	$-65088631.10	$-66971580.23	$-68897856.89	$-70868204.54
9.0%	$-49425743.42	$-50863900.14	$-52335340.94	$-53840640.25	$-55380379.04
10.0%	$-39590815.84	$-40742801.60	$-41921448.42	$-43127216.39	$-44360570.91
11.0%	$-32311265.03	$-33251434.74	$-34213363.29	$-35197426.22	$-36204003.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.43

Book Value / share($)Yahoo: $18.50

Results

Graham Number$31.80

Current Price$36.56

Margin of Safety-13.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.70%

Terminal growth rate(%)

Computed WACC: 8.70%

Cost of equity (Re)8.74%(Rf 4.30% + β 0.81 × ERP 5.50%)

Cost of debt (Rd)1.46%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)99.50%

Debt weight (D/V)0.50%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$36.56

Implied Near-term FCF Growth—

Historical Revenue Growth23.3%

Historical Earnings Growth603.3%

Base FCF (TTM)-$7.79M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$36.56

Upside / Downside-93.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $80.61M

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: -$12.04M

Results

Implied Equity Value / share$36.56

Current Price$36.56

Upside / Downside+0.0%

Implied EV$697.10M

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$12.04M	$987.96M	$1.99B
4.6x	$123.05	$71.49	$19.94	$-31.62	$-83.18
6.6x	$131.36	$79.80	$28.25	$-23.31	$-74.86
8.6x	$139.67	$88.12	$36.56	$-15.00	$-66.55
10.6x	$147.98	$96.43	$44.87	$-6.68	$-58.24
12.6x	$156.30	$104.74	$53.18	$1.63	$-49.93

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