LWAY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.05)
DCF	$12.42	-43.7%
Graham Number	$9.51	-56.9%
Reverse DCF	—	implied g: 35.6%
DDM	—	—
EV/EBITDA	$22.05	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.19M

Near-term growth (yrs 1–5)(%)Rev: 24.0% / EPS: 21.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.91%

Computed WACC: 4.91%

Cost of equity (Re)4.92%(Rf 4.30% + β 0.11 × 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)99.89%

Debt weight (D/V)0.11%

Results

Intrinsic Value / share$34.70

Current Price$22.05

Upside / Downside+57.4%

Net Debt (used)-$22.63M

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

WACC \ Near-term	16.0%	20.0%	24.0%	28.0%	32.0%
7.0%	$13.60	$15.75	$18.19	$20.96	$24.10
8.0%	$11.15	$12.84	$14.77	$16.96	$19.43
9.0%	$9.47	$10.85	$12.42	$14.21	$16.22
10.0%	$8.24	$9.40	$10.72	$12.21	$13.90
11.0%	$7.31	$8.30	$9.43	$10.70	$12.14

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.74

Book Value / share($)Yahoo: $5.43

Results

Graham Number$9.51

Current Price$22.05

Margin of Safety-56.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.91%

Terminal growth rate(%)

Computed WACC: 4.91%

Cost of equity (Re)4.92%(Rf 4.30% + β 0.11 × 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)99.89%

Debt weight (D/V)0.11%

Results

Current Price$22.05

Implied Near-term FCF Growth16.2%

Historical Revenue Growth24.0%

Historical Earnings Growth21.1%

Base FCF (TTM)$3.19M

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$22.05

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $16.97M

Target EV/EBITDA multipleCurrent: 18.4×

Net Debt($B)Default: -$22.63M

Results

Implied Equity Value / share$22.05

Current Price$22.05

Upside / Downside+0.0%

Implied EV$313.17M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$22.63M	$977.37M	$1.98B
14.4x	$148.92	$83.26	$17.59	$-48.07	$-113.74
16.4x	$151.15	$85.49	$19.82	$-45.84	$-111.51
18.4x	$153.38	$87.72	$22.05	$-43.61	$-109.28
20.4x	$155.61	$89.94	$24.28	$-41.39	$-107.05
22.4x	$157.84	$92.17	$26.51	$-39.16	$-104.82

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