LBRT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.48)
DCF	$-5.13	-118.0%
Graham Number	$16.03	-43.7%
Reverse DCF	—	—
DDM	$7.00	-75.4%
EV/EBITDA	$28.09	-1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$10.18M

Near-term growth (yrs 1–5)(%)Rev: 10.1% / EPS: -74.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.24%

Computed WACC: 6.24%

Cost of equity (Re)7.08%(Rf 4.30% + β 0.51 × 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)88.19%

Debt weight (D/V)11.81%

Results

Intrinsic Value / share$-6.31

Current Price$28.48

Upside / Downside-122.2%

Net Debt (used)$590.73M

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

WACC \ Near-term	2.1%	6.1%	10.1%	14.1%	18.1%
7.0%	$-5.19	$-5.49	$-5.84	$-6.24	$-6.70
8.0%	$-4.90	$-5.14	$-5.42	$-5.74	$-6.11
9.0%	$-4.70	$-4.90	$-5.13	$-5.40	$-5.70
10.0%	$-4.56	$-4.73	$-4.92	$-5.15	$-5.40
11.0%	$-4.45	$-4.59	$-4.76	$-4.96	$-5.18

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.89

Book Value / share($)Yahoo: $12.83

Results

Graham Number$16.03

Current Price$28.48

Margin of Safety-43.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.24%

Terminal growth rate(%)

Computed WACC: 6.24%

Cost of equity (Re)7.08%(Rf 4.30% + β 0.51 × 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)88.19%

Debt weight (D/V)11.81%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$28.48

Implied Near-term FCF Growth—

Historical Revenue Growth10.1%

Historical Earnings Growth-74.6%

Base FCF (TTM)-$10.18M

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: $0.34

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.00

Current Price$28.48

Upside / Downside-75.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $600.77M

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $590.73M

Results

Implied Equity Value / share$28.09

Current Price$28.48

Upside / Downside-1.4%

Implied EV$5.14B

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

Mult \ Net Debt	-$1.41B	-$409.27M	$590.73M	$1.59B	$2.59B
4.6x	$25.60	$19.43	$13.26	$7.09	$0.92
6.6x	$33.02	$26.85	$20.67	$14.50	$8.33
8.6x	$40.43	$34.26	$28.09	$21.92	$15.75
10.6x	$47.85	$41.67	$35.50	$29.33	$23.16
12.6x	$55.26	$49.09	$42.92	$36.75	$30.58

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