KOS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.33)
DCF	$-6.01	-358.0%
Graham Number	—	—
Reverse DCF	—	implied g: 90.7%
DDM	—	—
EV/EBITDA	$2.33	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.02M

Near-term growth (yrs 1–5)(%)Rev: -23.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.44%

Computed WACC: 2.44%

Cost of equity (Re)8.99%(Rf 4.30% + β 0.85 × 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)27.14%

Debt weight (D/V)72.86%

Results

Intrinsic Value / share—

Current Price$2.33

Upside / Downside—

Net Debt (used)$2.93B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-6.01	$-5.99	$-5.96	$-5.93	$-5.90
8.0%	$-6.03	$-6.01	$-5.99	$-5.97	$-5.94
9.0%	$-6.04	$-6.03	$-6.01	$-5.99	$-5.97
10.0%	$-6.05	$-6.04	$-6.03	$-6.01	$-5.99
11.0%	$-6.06	$-6.05	$-6.04	$-6.02	$-6.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.70

Book Value / share($)Yahoo: $1.88

Results

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

Graham Number—

Current Price$2.33

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.44%

Terminal growth rate(%)

Computed WACC: 2.44%

Cost of equity (Re)8.99%(Rf 4.30% + β 0.85 × 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)27.14%

Debt weight (D/V)72.86%

Results

Current Price$2.33

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-23.7%

Historical Earnings Growth—

Base FCF (TTM)$3.02M

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$2.33

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $471.16M

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $2.93B

Results

Implied Equity Value / share$2.33

Current Price$2.33

Upside / Downside-0.0%

Implied EV$4.04B

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

Mult \ Net Debt	$928.17M	$1.93B	$2.93B	$3.93B	$4.93B
4.6x	$2.57	$0.48	$-1.61	$-3.70	$-5.79
6.6x	$4.54	$2.45	$0.36	$-1.73	$-3.82
8.6x	$6.51	$4.42	$2.33	$0.24	$-1.85
10.6x	$8.48	$6.39	$4.30	$2.21	$0.12
12.6x	$10.45	$8.36	$6.27	$4.18	$2.09

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