KODK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.92)
DCF	$-1.61	-123.2%
Graham Number	—	—
Reverse DCF	—	implied g: 32.1%
DDM	—	—
EV/EBITDA	$7.95	+14.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $12.88M

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.52%

Computed WACC: 11.52%

Cost of equity (Re)12.71%(Rf 4.30% + β 1.53 × ERP 5.50%)

Cost of debt (Rd)12.76%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)54.86%

Debt weight (D/V)45.14%

Results

Intrinsic Value / share$-2.27

Current Price$6.92

Upside / Downside-132.8%

Net Debt (used)$381.00M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-1.59	$-1.11	$-0.55	$0.09	$0.83
8.0%	$-2.01	$-1.62	$-1.18	$-0.66	$-0.06
9.0%	$-2.30	$-1.98	$-1.61	$-1.18	$-0.69
10.0%	$-2.51	$-2.24	$-1.92	$-1.56	$-1.14
11.0%	$-2.68	$-2.44	$-2.17	$-1.85	$-1.49

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.32

Book Value / share($)Yahoo: $7.91

Results

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

Graham Number—

Current Price$6.92

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.52%

Terminal growth rate(%)

Computed WACC: 11.52%

Cost of equity (Re)12.71%(Rf 4.30% + β 1.53 × ERP 5.50%)

Cost of debt (Rd)12.76%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)54.86%

Debt weight (D/V)45.14%

Results

Current Price$6.92

Implied Near-term FCF Growth40.1%

Historical Revenue Growth3.1%

Historical Earnings Growth—

Base FCF (TTM)$12.88M

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$6.92

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $149.00M

Target EV/EBITDA multipleCurrent: 7.7×

Net Debt($B)Default: $381.00M

Results

Implied Equity Value / share$7.95

Current Price$6.92

Upside / Downside+14.9%

Implied EV$1.15B

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

Mult \ Net Debt	-$1.62B	-$619.00M	$381.00M	$1.38B	$2.38B
3.7x	$22.51	$12.14	$1.77	$-8.61	$-18.98
5.7x	$25.60	$15.23	$4.86	$-5.52	$-15.89
7.7x	$28.69	$18.32	$7.95	$-2.43	$-12.80
9.7x	$31.79	$21.41	$11.04	$0.67	$-9.71
11.7x	$34.88	$24.50	$14.13	$3.76	$-6.62

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