IMCR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($32.67)
DCF	$33.54	+2.7%
Graham Number	—	—
Reverse DCF	—	implied g: 23.7%
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $23.96M

Near-term growth (yrs 1–5)(%)Rev: 24.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.44%

Computed WACC: 7.44%

Cost of equity (Re)8.82%(Rf 4.30% + β 0.82 × ERP 5.50%)

Cost of debt (Rd)2.79%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)79.13%

Debt weight (D/V)20.87%

Results

Intrinsic Value / share$43.00

Current Price$32.67

Upside / Downside+31.6%

Net Debt (used)-$427.47M

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

WACC \ Near-term	16.3%	20.3%	24.3%	28.3%	32.3%
7.0%	$36.34	$41.26	$46.87	$53.24	$60.44
8.0%	$30.68	$34.57	$38.99	$44.01	$49.68
9.0%	$26.79	$29.97	$33.58	$37.68	$42.30
10.0%	$23.97	$26.63	$29.66	$33.08	$36.95
11.0%	$21.83	$24.10	$26.68	$29.60	$32.90

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.71

Book Value / share($)Yahoo: $7.52

Results

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

Graham Number—

Current Price$32.67

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.44%

Terminal growth rate(%)

Computed WACC: 7.44%

Cost of equity (Re)8.82%(Rf 4.30% + β 0.82 × ERP 5.50%)

Cost of debt (Rd)2.79%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)79.13%

Debt weight (D/V)20.87%

Results

Current Price$32.67

Implied Near-term FCF Growth18.2%

Historical Revenue Growth24.3%

Historical Earnings Growth—

Base FCF (TTM)$23.96M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$32.67

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$22.36M

Target EV/EBITDA multipleCurrent: -55.0×

Net Debt($B)Default: -$427.47M

Results

Implied Equity Value / share$32.67

Current Price$32.67

Upside / Downside-0.0%

Implied EV$1.23B

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