KRP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.57)
DCF	$-7.76	-153.3%
Graham Number	—	—
Reverse DCF	—	—
DDM	$30.49	+109.3%
EV/EBITDA	$17.15	+17.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$14.72M

Near-term growth (yrs 1–5)(%)Rev: 8.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.55%

Computed WACC: 4.55%

Cost of equity (Re)5.84%(Rf 4.30% + β 0.28 × 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)77.89%

Debt weight (D/V)22.11%

Results

Intrinsic Value / share$-15.71

Current Price$14.57

Upside / Downside-207.8%

Net Debt (used)$402.25M

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

WACC \ Near-term	0.8%	4.8%	8.8%	12.8%	16.8%
7.0%	$-7.87	$-8.57	$-9.38	$-10.32	$-11.40
8.0%	$-7.21	$-7.77	$-8.43	$-9.18	$-10.03
9.0%	$-6.76	$-7.23	$-7.76	$-8.38	$-9.09
10.0%	$-6.43	$-6.82	$-7.28	$-7.81	$-8.41
11.0%	$-6.17	$-6.52	$-6.91	$-7.36	$-7.88

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.09

Book Value / share($)Yahoo: $5.69

Results

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

Graham Number—

Current Price$14.57

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.55%

Terminal growth rate(%)

Computed WACC: 4.55%

Cost of equity (Re)5.84%(Rf 4.30% + β 0.28 × 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)77.89%

Debt weight (D/V)22.11%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$14.57

Implied Near-term FCF Growth—

Historical Revenue Growth8.8%

Historical Earnings Growth—

Base FCF (TTM)-$14.72M

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: $1.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$30.49

Current Price$14.57

Upside / Downside+109.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $257.38M

Target EV/EBITDA multipleCurrent: 7.8×

Net Debt($B)Default: $402.25M

Results

Implied Equity Value / share$17.15

Current Price$14.57

Upside / Downside+17.7%

Implied EV$2.00B

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

Mult \ Net Debt	-$1.60B	-$597.75M	$402.25M	$1.40B	$2.40B
3.8x	$27.54	$16.84	$6.13	$-4.58	$-15.28
5.8x	$33.06	$22.35	$11.64	$0.93	$-9.77
7.8x	$38.57	$27.86	$17.15	$6.45	$-4.26
9.8x	$44.08	$33.37	$22.66	$11.96	$1.25
11.8x	$49.59	$38.88	$28.18	$17.47	$6.76

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