KN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($27.60)
DCF	$14.34	-48.1%
Graham Number	$10.92	-60.4%
Reverse DCF	—	implied g: 24.8%
DDM	—	—
EV/EBITDA	$27.60	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $44.30M

Near-term growth (yrs 1–5)(%)Rev: 13.8% / EPS: 13.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.06%

Computed WACC: 12.06%

Cost of equity (Re)12.63%(Rf 4.30% + β 1.51 × ERP 5.50%)

Cost of debt (Rd)2.65%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.57%

Debt weight (D/V)5.43%

Results

Intrinsic Value / share$9.01

Current Price$27.60

Upside / Downside-67.4%

Net Debt (used)$80.70M

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

WACC \ Near-term	5.8%	9.8%	13.8%	17.8%	21.8%
7.0%	$15.21	$18.29	$21.83	$25.90	$30.54
8.0%	$12.12	$14.57	$17.40	$20.63	$24.31
9.0%	$9.99	$12.01	$14.34	$17.00	$20.03
10.0%	$8.43	$10.14	$12.11	$14.35	$16.90
11.0%	$7.25	$8.72	$10.41	$12.34	$14.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.58

Book Value / share($)Yahoo: $9.14

Results

Graham Number$10.92

Current Price$27.60

Margin of Safety-60.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.06%

Terminal growth rate(%)

Computed WACC: 12.06%

Cost of equity (Re)12.63%(Rf 4.30% + β 1.51 × ERP 5.50%)

Cost of debt (Rd)2.65%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.57%

Debt weight (D/V)5.43%

Results

Current Price$27.60

Implied Near-term FCF Growth33.8%

Historical Revenue Growth13.8%

Historical Earnings Growth13.5%

Base FCF (TTM)$44.30M

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$27.60

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $114.90M

Target EV/EBITDA multipleCurrent: 21.1×

Net Debt($B)Default: $80.70M

Results

Implied Equity Value / share$27.60

Current Price$27.60

Upside / Downside-0.0%

Implied EV$2.42B

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

Mult \ Net Debt	-$1.92B	-$919.30M	$80.70M	$1.08B	$2.08B
17.1x	$45.74	$33.96	$22.19	$10.41	$-1.37
19.1x	$48.45	$36.67	$24.89	$13.12	$1.34
21.1x	$51.15	$39.38	$27.60	$15.82	$4.05
23.1x	$53.86	$42.08	$30.31	$18.53	$6.75
25.1x	$56.57	$44.79	$33.01	$21.24	$9.46

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