KEQU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.75)
DCF	$-712.60	-1806.8%
Graham Number	$46.48	+11.3%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$42.40	+1.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$11.26M

Near-term growth (yrs 1–5)(%)Rev: 46.8% / EPS: -18.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.64%

Computed WACC: 4.64%

Cost of equity (Re)7.50%(Rf 4.30% + β 0.58 × 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)61.88%

Debt weight (D/V)38.12%

Results

Intrinsic Value / share$-2594.82

Current Price$41.75

Upside / Downside-6315.1%

Net Debt (used)$61.14M

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

WACC \ Near-term	38.8%	42.8%	46.8%	50.8%	54.8%
7.0%	$-850.88	$-975.35	$-1114.43	$-1269.38	$-1441.52
8.0%	$-670.35	$-767.30	$-875.61	$-996.25	$-1130.25
9.0%	$-547.10	$-625.28	$-712.60	$-809.84	$-917.82
10.0%	$-458.10	$-522.75	$-594.92	$-675.27	$-764.48
11.0%	$-391.17	$-445.63	$-506.43	$-574.10	$-649.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.94

Book Value / share($)Yahoo: $24.37

Results

Graham Number$46.48

Current Price$41.75

Margin of Safety+11.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.64%

Terminal growth rate(%)

Computed WACC: 4.64%

Cost of equity (Re)7.50%(Rf 4.30% + β 0.58 × 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)61.88%

Debt weight (D/V)38.12%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$41.75

Implied Near-term FCF Growth—

Historical Revenue Growth46.8%

Historical Earnings Growth-18.8%

Base FCF (TTM)-$11.26M

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$41.75

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $25.66M

Target EV/EBITDA multipleCurrent: 7.1×

Net Debt($B)Default: $61.14M

Results

Implied Equity Value / share$42.40

Current Price$41.75

Upside / Downside+1.5%

Implied EV$182.66M

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

Mult \ Net Debt	-$1.94B	-$938.86M	$61.14M	$1.06B	$2.06B
3.1x	$704.34	$355.47	$6.60	$-342.28	$-691.15
5.1x	$722.24	$373.37	$24.50	$-324.38	$-673.25
7.1x	$740.14	$391.27	$42.40	$-306.48	$-655.35
9.1x	$758.04	$409.17	$60.30	$-288.57	$-637.45
11.1x	$775.94	$427.07	$78.20	$-270.67	$-619.55

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