KRO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.74)
DCF	$-20.07	-449.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	$4.12	-28.2%
EV/EBITDA	$5.74	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$96.26M

Near-term growth (yrs 1–5)(%)Rev: -5.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.25%

Computed WACC: 5.25%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × 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)50.51%

Debt weight (D/V)49.49%

Results

Intrinsic Value / share$-40.35

Current Price$5.74

Upside / Downside-803.0%

Net Debt (used)$619.40M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-20.20	$-23.19	$-26.68	$-30.71	$-35.36
8.0%	$-17.56	$-19.97	$-22.78	$-26.01	$-29.74
9.0%	$-15.74	$-17.74	$-20.07	$-22.76	$-25.85
10.0%	$-14.39	$-16.11	$-18.09	$-20.38	$-23.00
11.0%	$-13.37	$-14.86	$-16.58	$-18.56	$-20.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.35

Book Value / share($)Yahoo: $6.99

Results

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

Graham Number—

Current Price$5.74

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.25%

Terminal growth rate(%)

Computed WACC: 5.25%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × 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)50.51%

Debt weight (D/V)49.49%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$5.74

Implied Near-term FCF Growth—

Historical Revenue Growth-5.7%

Historical Earnings Growth—

Base FCF (TTM)-$96.26M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$5.74

Upside / Downside-28.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $95.60M

Target EV/EBITDA multipleCurrent: 13.4×

Net Debt($B)Default: $619.40M

Results

Implied Equity Value / share$5.74

Current Price$5.74

Upside / Downside-0.0%

Implied EV$1.28B

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

Mult \ Net Debt	-$1.38B	-$380.60M	$619.40M	$1.62B	$2.62B
9.4x	$19.80	$11.11	$2.42	$-6.28	$-14.97
11.4x	$21.46	$12.77	$4.08	$-4.61	$-13.31
13.4x	$23.12	$14.43	$5.74	$-2.95	$-11.64
15.4x	$24.79	$16.09	$7.40	$-1.29	$-9.98
17.4x	$26.45	$17.76	$9.06	$0.37	$-8.32

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