KRT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.50)
DCF	$27.76	+13.3%
Graham Number	$16.11	-34.3%
Reverse DCF	—	implied g: 8.4%
DDM	$37.08	+51.3%
EV/EBITDA	$24.86	+1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $25.18M

Near-term growth (yrs 1–5)(%)Rev: 10.4% / EPS: -20.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.52%

Computed WACC: 8.52%

Cost of equity (Re)10.11%(Rf 4.30% + β 1.06 × 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)84.26%

Debt weight (D/V)15.74%

Results

Intrinsic Value / share$30.33

Current Price$24.50

Upside / Downside+23.8%

Net Debt (used)$48.06M

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

WACC \ Near-term	2.4%	6.4%	10.4%	14.4%	18.4%
7.0%	$28.93	$35.04	$42.11	$50.24	$59.55
8.0%	$23.09	$27.98	$33.62	$40.10	$47.52
9.0%	$19.05	$23.10	$27.76	$33.11	$39.23
10.0%	$16.10	$19.53	$23.48	$28.01	$33.18
11.0%	$13.85	$16.81	$20.22	$24.12	$28.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.50

Book Value / share($)Yahoo: $7.69

Results

Graham Number$16.11

Current Price$24.50

Margin of Safety-34.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.52%

Terminal growth rate(%)

Computed WACC: 8.52%

Cost of equity (Re)10.11%(Rf 4.30% + β 1.06 × 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)84.26%

Debt weight (D/V)15.74%

Results

Current Price$24.50

Implied Near-term FCF Growth7.1%

Historical Revenue Growth10.4%

Historical Earnings Growth-20.0%

Base FCF (TTM)$25.18M

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: $1.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.08

Current Price$24.50

Upside / Downside+51.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $50.62M

Target EV/EBITDA multipleCurrent: 10.8×

Net Debt($B)Default: $48.06M

Results

Implied Equity Value / share$24.86

Current Price$24.50

Upside / Downside+1.4%

Implied EV$547.72M

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

Mult \ Net Debt	-$1.95B	-$951.94M	$48.06M	$1.05B	$2.05B
6.8x	$114.29	$64.54	$14.79	$-34.97	$-84.72
8.8x	$119.33	$69.57	$19.82	$-29.93	$-79.68
10.8x	$124.36	$74.61	$24.86	$-24.89	$-74.65
12.8x	$129.40	$79.65	$29.90	$-19.86	$-69.61
14.8x	$134.44	$84.69	$34.93	$-14.82	$-64.57

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