KFRC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.44)
DCF	$52.91	+100.1%
Graham Number	$17.85	-32.5%
Reverse DCF	—	implied g: -5.5%
DDM	$32.34	+22.3%
EV/EBITDA	$24.85	-6.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $59.69M

Near-term growth (yrs 1–5)(%)Rev: -3.4% / EPS: -50.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.33%

Computed WACC: 6.33%

Cost of equity (Re)7.42%(Rf 4.30% + β 0.57 × 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)85.35%

Debt weight (D/V)14.65%

Results

Intrinsic Value / share$93.38

Current Price$26.44

Upside / Downside+253.2%

Net Debt (used)$80.80M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$53.41	$65.10	$78.71	$94.45	$112.59
8.0%	$43.12	$52.53	$63.46	$76.10	$90.64
9.0%	$35.99	$43.82	$52.91	$63.41	$75.47
10.0%	$30.75	$37.44	$45.18	$54.11	$64.35
11.0%	$26.75	$32.55	$39.27	$47.01	$55.87

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.96

Book Value / share($)Yahoo: $7.22

Results

Graham Number$17.85

Current Price$26.44

Margin of Safety-32.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.33%

Terminal growth rate(%)

Computed WACC: 6.33%

Cost of equity (Re)7.42%(Rf 4.30% + β 0.57 × 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)85.35%

Debt weight (D/V)14.65%

Results

Current Price$26.44

Implied Near-term FCF Growth-12.7%

Historical Revenue Growth-3.4%

Historical Earnings Growth-50.3%

Base FCF (TTM)$59.69M

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: $1.57

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.34

Current Price$26.44

Upside / Downside+22.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $52.72M

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $80.80M

Results

Implied Equity Value / share$24.85

Current Price$26.44

Upside / Downside-6.0%

Implied EV$535.03M

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

Mult \ Net Debt	-$1.92B	-$919.20M	$80.80M	$1.08B	$2.08B
6.1x	$122.73	$68.02	$13.31	$-41.40	$-96.11
8.1x	$128.50	$73.79	$19.08	$-35.63	$-90.34
10.1x	$134.27	$79.56	$24.85	$-29.86	$-84.57
12.1x	$140.04	$85.33	$30.62	$-24.09	$-78.80
14.1x	$145.81	$91.10	$36.39	$-18.32	$-73.03

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