LINC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.83)
DCF	$-1283.25	-3584.3%
Graham Number	$9.54	-74.1%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$36.83	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$41.82M

Near-term growth (yrs 1–5)(%)Rev: 19.7% / EPS: 83.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.09%

Computed WACC: 8.09%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)1.66%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.10%

Debt weight (D/V)14.90%

Results

Intrinsic Value / share$-1569.80

Current Price$36.83

Upside / Downside-4362.3%

Net Debt (used)$175.34M

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

WACC \ Near-term	75.1%	79.1%	83.1%	87.1%	91.1%
7.0%	$-1665.49	$-1862.96	$-2078.82	$-2314.34	$-2570.82
8.0%	$-1285.56	$-1437.63	$-1603.85	$-1785.20	$-1982.67
9.0%	$-1027.44	$-1148.67	$-1281.17	$-1425.72	$-1583.12
10.0%	$-842.04	$-941.12	$-1049.41	$-1167.54	$-1296.15
11.0%	$-703.39	$-785.92	$-876.12	$-974.49	$-1081.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.64

Book Value / share($)Yahoo: $6.31

Results

Graham Number$9.54

Current Price$36.83

Margin of Safety-74.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.09%

Terminal growth rate(%)

Computed WACC: 8.09%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)1.66%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.10%

Debt weight (D/V)14.90%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$36.83

Implied Near-term FCF Growth—

Historical Revenue Growth19.7%

Historical Earnings Growth83.1%

Base FCF (TTM)-$41.82M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$36.83

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $49.81M

Target EV/EBITDA multipleCurrent: 26.9×

Net Debt($B)Default: $175.34M

Results

Implied Equity Value / share$36.83

Current Price$36.83

Upside / Downside+0.0%

Implied EV$1.34B

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

Mult \ Net Debt	-$1.82B	-$824.65M	$175.34M	$1.18B	$2.18B
22.9x	$93.77	$62.15	$30.53	$-1.09	$-32.71
24.9x	$96.92	$65.30	$33.68	$2.06	$-29.56
26.9x	$100.07	$68.45	$36.83	$5.21	$-26.41
28.9x	$103.22	$71.60	$39.98	$8.36	$-23.26
30.9x	$106.37	$74.75	$43.13	$11.51	$-20.11

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