LIVN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($65.26)
DCF	$409.51	+527.5%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	—	—
EV/EBITDA	$65.36	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $834.25M

Near-term growth (yrs 1–5)(%)Rev: 12.1% / EPS: -45.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.48%

Computed WACC: 8.48%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × 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)89.15%

Debt weight (D/V)10.85%

Results

Intrinsic Value / share$446.98

Current Price$65.26

Upside / Downside+584.9%

Net Debt (used)-$201.78M

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

WACC \ Near-term	4.1%	8.1%	12.1%	16.1%	20.1%
7.0%	$428.24	$510.10	$604.54	$713.00	$837.01
8.0%	$348.06	$413.40	$488.70	$575.09	$673.78
9.0%	$292.73	$346.70	$408.82	$480.03	$561.31
10.0%	$252.29	$297.97	$350.51	$410.66	$479.26
11.0%	$221.48	$260.87	$306.13	$357.89	$416.87

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.45

Book Value / share($)Yahoo: $21.96

Results

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

Graham Number—

Current Price$65.26

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.48%

Terminal growth rate(%)

Computed WACC: 8.48%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × 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)89.15%

Debt weight (D/V)10.85%

Results

Current Price$65.26

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth12.1%

Historical Earnings Growth-45.6%

Base FCF (TTM)$834.25M

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$65.26

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $257.66M

Target EV/EBITDA multipleCurrent: 13.1×

Net Debt($B)Default: -$201.78M

Results

Implied Equity Value / share$65.36

Current Price$65.26

Upside / Downside+0.2%

Implied EV$3.37B

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

Mult \ Net Debt	-$2.20B	-$1.20B	-$201.78M	$798.22M	$1.80B
9.1x	$83.11	$64.80	$46.49	$28.17	$9.86
11.1x	$92.55	$74.24	$55.92	$37.61	$19.30
13.1x	$101.99	$83.67	$65.36	$47.05	$28.73
15.1x	$111.42	$93.11	$74.80	$56.48	$38.17
17.1x	$120.86	$102.55	$84.23	$65.92	$47.61

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