KELYB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.19)
DCF	$870.26	+5629.2%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	$6.18	-59.3%
EV/EBITDA	$156.43	+929.8%

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: 7.90%

Computed WACC: 7.90%

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)76.56%

Debt weight (D/V)23.44%

Results

Intrinsic Value / share$1057.54

Current Price$15.19

Upside / Downside+6862.1%

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%	$878.07	$1063.37	$1278.95	$1528.45	$1815.83
8.0%	$715.02	$864.17	$1037.42	$1237.67	$1468.03
9.0%	$602.03	$726.22	$870.26	$1036.53	$1227.59
10.0%	$519.09	$625.03	$747.74	$889.19	$1051.53
11.0%	$455.59	$547.63	$654.08	$776.64	$917.13

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$15.19

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.90%

Terminal growth rate(%)

Computed WACC: 7.90%

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)76.56%

Debt weight (D/V)23.44%

Results

Current Price$15.19

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$15.19

Upside / Downside-59.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $97.30M

Target EV/EBITDA multipleCurrent: 6.6×

Net Debt($B)Default: $126.10M

Results

Implied Equity Value / share$156.43

Current Price$15.19

Upside / Downside+929.8%

Implied EV$641.69M

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

Mult \ Net Debt	-$1.87B	-$873.90M	$126.10M	$1.13B	$2.13B
2.6x	$645.16	$341.75	$38.35	$-265.06	$-568.46
4.6x	$704.20	$400.79	$97.39	$-206.01	$-509.42
6.6x	$763.24	$459.84	$156.43	$-146.97	$-450.37
8.6x	$822.28	$518.88	$215.48	$-87.93	$-391.33
10.6x	$881.32	$577.92	$274.52	$-28.89	$-332.29

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