KALU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($134.96)
DCF	$-644.92	-577.9%
Graham Number	$88.45	-34.5%
Reverse DCF	—	—
DDM	$63.45	-53.0%
EV/EBITDA	$128.94	-4.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$76.71M

Near-term growth (yrs 1–5)(%)Rev: 21.4% / EPS: 39.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.94%

Computed WACC: 7.94%

Cost of equity (Re)11.93%(Rf 4.30% + β 1.39 × 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)66.53%

Debt weight (D/V)33.47%

Results

Intrinsic Value / share$-788.90

Current Price$134.96

Upside / Downside-684.5%

Net Debt (used)$1.09B

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

WACC \ Near-term	31.7%	35.7%	39.7%	43.7%	47.7%
7.0%	$-746.78	$-853.95	$-974.38	$-1109.24	$-1259.82
8.0%	$-601.42	$-685.19	$-779.28	$-884.62	$-1002.21
9.0%	$-502.04	$-569.82	$-645.93	$-731.11	$-826.17
10.0%	$-430.17	$-486.40	$-549.51	$-620.13	$-698.90
11.0%	$-376.02	$-423.56	$-476.89	$-536.55	$-603.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.76

Book Value / share($)Yahoo: $51.44

Results

Graham Number$88.45

Current Price$134.96

Margin of Safety-34.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.94%

Terminal growth rate(%)

Computed WACC: 7.94%

Cost of equity (Re)11.93%(Rf 4.30% + β 1.39 × 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)66.53%

Debt weight (D/V)33.47%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$134.96

Implied Near-term FCF Growth—

Historical Revenue Growth21.4%

Historical Earnings Growth39.7%

Base FCF (TTM)-$76.71M

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: $3.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$63.45

Current Price$134.96

Upside / Downside-53.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $308.10M

Target EV/EBITDA multipleCurrent: 10.3×

Net Debt($B)Default: $1.09B

Results

Implied Equity Value / share$128.94

Current Price$134.96

Upside / Downside-4.5%

Implied EV$3.18B

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

Mult \ Net Debt	$1.09B	$1.09B	$1.09B	$1.09B	$1.09B
6.3x	$52.91	$52.91	$52.91	$52.91	$52.91
8.3x	$90.92	$90.92	$90.92	$90.92	$90.92
10.3x	$128.94	$128.94	$128.94	$128.94	$128.94
12.3x	$166.95	$166.95	$166.95	$166.95	$166.95
14.3x	$204.96	$204.96	$204.96	$204.96	$204.96

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