LAKE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.88)
DCF	$-18.85	-312.1%
Graham Number	—	—
Reverse DCF	—	—
DDM	$2.47	-72.2%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$8.53M

Near-term growth (yrs 1–5)(%)Rev: 4.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.19%

Computed WACC: 8.19%

Cost of equity (Re)11.60%(Rf 4.30% + β 1.33 × ERP 5.50%)

Cost of debt (Rd)3.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)62.53%

Debt weight (D/V)37.47%

Results

Intrinsic Value / share$-21.05

Current Price$8.88

Upside / Downside-336.9%

Net Debt (used)$35.02M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-18.98	$-22.09	$-25.72	$-29.91	$-34.75
8.0%	$-16.24	$-18.74	$-21.66	$-25.02	$-28.90
9.0%	$-14.34	$-16.42	$-18.85	$-21.64	$-24.85
10.0%	$-12.94	$-14.72	$-16.79	$-19.16	$-21.89
11.0%	$-11.87	$-13.42	$-15.21	$-17.27	$-19.63

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.48

Book Value / share($)Yahoo: $13.72

Results

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

Graham Number—

Current Price$8.88

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.19%

Terminal growth rate(%)

Computed WACC: 8.19%

Cost of equity (Re)11.60%(Rf 4.30% + β 1.33 × ERP 5.50%)

Cost of debt (Rd)3.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)62.53%

Debt weight (D/V)37.47%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$8.88

Implied Near-term FCF Growth—

Historical Revenue Growth4.0%

Historical Earnings Growth—

Base FCF (TTM)-$8.53M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$8.88

Upside / Downside-72.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$1.39M

Target EV/EBITDA multipleCurrent: -88.2×

Net Debt($B)Default: $35.02M

Results

Implied Equity Value / share$8.93

Current Price$8.88

Upside / Downside+0.5%

Implied EV$122.59M

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