IONS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($78.66)
DCF	$-16.37	-120.8%
Graham Number	—	—
Reverse DCF	—	—
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: -$154.72M

Near-term growth (yrs 1–5)(%)Rev: -10.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.38%

Computed WACC: 5.38%

Cost of equity (Re)6.30%(Rf 4.30% + β 0.36 × ERP 5.50%)

Cost of debt (Rd)1.13%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)82.97%

Debt weight (D/V)17.03%

Results

Intrinsic Value / share$-37.71

Current Price$78.66

Upside / Downside-147.9%

Net Debt (used)-$64.58M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-16.52	$-19.94	$-23.92	$-28.52	$-33.83
8.0%	$-13.51	$-16.26	$-19.46	$-23.15	$-27.41
9.0%	$-11.42	$-13.71	$-16.37	$-19.44	$-22.97
10.0%	$-9.89	$-11.85	$-14.11	$-16.72	$-19.72
11.0%	$-8.72	$-10.42	$-12.38	$-14.64	$-17.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.38

Book Value / share($)Yahoo: $3.00

Results

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

Graham Number—

Current Price$78.66

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.38%

Terminal growth rate(%)

Computed WACC: 5.38%

Cost of equity (Re)6.30%(Rf 4.30% + β 0.36 × ERP 5.50%)

Cost of debt (Rd)1.13%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)82.97%

Debt weight (D/V)17.03%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$78.66

Implied Near-term FCF Growth—

Historical Revenue Growth-10.3%

Historical Earnings Growth—

Base FCF (TTM)-$154.72M

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$78.66

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$369.24M

Target EV/EBITDA multipleCurrent: -35.0×

Net Debt($B)Default: -$64.58M

Results

Implied Equity Value / share$80.22

Current Price$78.66

Upside / Downside+2.0%

Implied EV$12.93B

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