INNV — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.64)
DCF	$12.65	+31.2%
Graham Number	$1.46	-84.9%
Reverse DCF	—	implied g: 9.9%
DDM	—	—
EV/EBITDA	$9.51	-1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $54.64M

Near-term growth (yrs 1–5)(%)Rev: 14.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.36%

Computed WACC: 6.36%

Cost of equity (Re)6.82%(Rf 4.30% + β 0.46 × 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)93.21%

Debt weight (D/V)6.79%

Results

Intrinsic Value / share$22.08

Current Price$9.64

Upside / Downside+129.0%

Net Debt (used)-$30.60M

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

WACC \ Near-term	6.7%	10.7%	14.7%	18.7%	22.7%
7.0%	$13.39	$15.89	$18.76	$22.04	$25.79
8.0%	$10.86	$12.85	$15.13	$17.74	$20.71
9.0%	$9.12	$10.75	$12.63	$14.78	$17.22
10.0%	$7.84	$9.22	$10.81	$12.62	$14.67
11.0%	$6.87	$8.06	$9.42	$10.98	$12.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.05

Book Value / share($)Yahoo: $1.89

Results

Graham Number$1.46

Current Price$9.64

Margin of Safety-84.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.36%

Terminal growth rate(%)

Computed WACC: 6.36%

Cost of equity (Re)6.82%(Rf 4.30% + β 0.46 × 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)93.21%

Debt weight (D/V)6.79%

Results

Current Price$9.64

Implied Near-term FCF Growth1.3%

Historical Revenue Growth14.7%

Historical Earnings Growth—

Base FCF (TTM)$54.64M

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$9.64

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $43.31M

Target EV/EBITDA multipleCurrent: 29.1×

Net Debt($B)Default: -$30.60M

Results

Implied Equity Value / share$9.51

Current Price$9.64

Upside / Downside-1.4%

Implied EV$1.26B

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

Mult \ Net Debt	-$2.03B	-$1.03B	-$30.60M	$969.40M	$1.97B
25.1x	$22.97	$15.60	$8.23	$0.86	$-6.51
27.1x	$23.61	$16.24	$8.87	$1.50	$-5.87
29.1x	$24.24	$16.87	$9.51	$2.14	$-5.23
31.1x	$24.88	$17.51	$10.14	$2.77	$-4.59
33.1x	$25.52	$18.15	$10.78	$3.41	$-3.96

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