KELYA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.26)
DCF	$92.78	+901.9%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	$6.18	-33.3%
EV/EBITDA	$10.37	+12.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $170.56M

Near-term growth (yrs 1–5)(%)Rev: -11.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.62%

Computed WACC: 7.62%

Cost of equity (Re)8.56%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)7.27%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.57%

Debt weight (D/V)33.43%

Results

Intrinsic Value / share$119.20

Current Price$9.26

Upside / Downside+1187.2%

Net Debt (used)$126.10M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$93.61	$113.37	$136.35	$162.95	$193.59
8.0%	$76.23	$92.13	$110.60	$131.95	$156.51
9.0%	$64.18	$77.42	$92.78	$110.51	$130.87
10.0%	$55.34	$66.64	$79.72	$94.80	$112.10
11.0%	$48.57	$58.38	$69.73	$82.80	$97.78

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-7.24

Book Value / share($)Yahoo: $28.57

Results

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

Graham Number—

Current Price$9.26

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.62%

Terminal growth rate(%)

Computed WACC: 7.62%

Cost of equity (Re)8.56%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)7.27%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)66.57%

Debt weight (D/V)33.43%

Results

Current Price$9.26

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-11.9%

Historical Earnings Growth—

Base FCF (TTM)$170.56M

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$9.26

Upside / Downside-33.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $97.30M

Target EV/EBITDA multipleCurrent: 4.6×

Net Debt($B)Default: $126.10M

Results

Implied Equity Value / share$10.37

Current Price$9.26

Upside / Downside+12.0%

Implied EV$446.70M

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

Mult \ Net Debt	-$1.87B	-$873.90M	$126.10M	$1.13B	$2.13B
0.6x	$62.47	$30.13	$-2.22	$-34.56	$-66.91
2.6x	$68.77	$36.42	$4.08	$-28.27	$-60.62
4.6x	$75.06	$42.72	$10.37	$-21.98	$-54.32
6.6x	$81.36	$49.01	$16.66	$-15.68	$-48.03
8.6x	$87.65	$55.31	$22.96	$-9.39	$-41.73

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