IMMR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.16)
DCF	$-100.63	-1733.6%
Graham Number	$19.98	+224.3%
Reverse DCF	—	—
DDM	$6.18	+0.3%
EV/EBITDA	$13.59	+120.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$178.86M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.56%

Computed WACC: 3.56%

Cost of equity (Re)9.23%(Rf 4.30% + β 0.90 × 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)38.60%

Debt weight (D/V)61.40%

Results

Intrinsic Value / share$-597.15

Current Price$6.16

Upside / Downside-9794.0%

Net Debt (used)$168.23M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-101.45	$-120.93	$-143.59	$-169.82	$-200.03
8.0%	$-84.31	$-99.99	$-118.20	$-139.25	$-163.47
9.0%	$-72.43	$-85.49	$-100.63	$-118.11	$-138.19
10.0%	$-63.71	$-74.85	$-87.75	$-102.62	$-119.68
11.0%	$-57.03	$-66.71	$-77.90	$-90.79	$-105.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.80

Book Value / share($)Yahoo: $9.85

Results

Graham Number$19.98

Current Price$6.16

Margin of Safety+224.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.56%

Terminal growth rate(%)

Computed WACC: 3.56%

Cost of equity (Re)9.23%(Rf 4.30% + β 0.90 × 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)38.60%

Debt weight (D/V)61.40%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$6.16

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$178.86M

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$6.16

Upside / Downside+0.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $57.59M

Target EV/EBITDA multipleCurrent: 10.7×

Net Debt($B)Default: $168.23M

Results

Implied Equity Value / share$13.59

Current Price$6.16

Upside / Downside+120.6%

Implied EV$614.92M

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

Mult \ Net Debt	-$1.83B	-$831.77M	$168.23M	$1.17B	$2.17B
6.7x	$67.41	$37.00	$6.58	$-23.84	$-54.25
8.7x	$70.92	$40.50	$10.08	$-20.33	$-50.75
10.7x	$74.42	$44.00	$13.59	$-16.83	$-47.25
12.7x	$77.92	$47.51	$17.09	$-13.33	$-43.74
14.7x	$81.43	$51.01	$20.59	$-9.82	$-40.24

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