LYTS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.88)
DCF	$19.76	-5.4%
Graham Number	$12.35	-40.9%
Reverse DCF	—	implied g: 12.0%
DDM	$4.12	-80.3%
EV/EBITDA	$20.71	-0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $26.63M

Near-term growth (yrs 1–5)(%)Rev: -0.5% / EPS: 11.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.54%

Computed WACC: 5.54%

Cost of equity (Re)5.61%(Rf 4.30% + β 0.24 × ERP 5.50%)

Cost of debt (Rd)6.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.70%

Debt weight (D/V)8.30%

Results

Intrinsic Value / share$46.06

Current Price$20.88

Upside / Downside+120.6%

Net Debt (used)$52.43M

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

WACC \ Near-term	3.1%	7.1%	11.1%	15.1%	19.1%
7.0%	$20.63	$24.97	$29.97	$35.73	$42.31
8.0%	$16.45	$19.91	$23.91	$28.50	$33.74
9.0%	$13.56	$16.42	$19.72	$23.51	$27.83
10.0%	$11.45	$13.88	$16.67	$19.87	$23.52
11.0%	$9.84	$11.93	$14.34	$17.10	$20.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.82

Book Value / share($)Yahoo: $8.26

Results

Graham Number$12.35

Current Price$20.88

Margin of Safety-40.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.54%

Terminal growth rate(%)

Computed WACC: 5.54%

Cost of equity (Re)5.61%(Rf 4.30% + β 0.24 × ERP 5.50%)

Cost of debt (Rd)6.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.70%

Debt weight (D/V)8.30%

Results

Current Price$20.88

Implied Near-term FCF Growth-0.5%

Historical Revenue Growth-0.5%

Historical Earnings Growth11.1%

Base FCF (TTM)$26.63M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$20.88

Upside / Downside-80.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $52.41M

Target EV/EBITDA multipleCurrent: 13.3×

Net Debt($B)Default: $52.43M

Results

Implied Equity Value / share$20.71

Current Price$20.88

Upside / Downside-0.8%

Implied EV$697.17M

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

Mult \ Net Debt	-$1.95B	-$947.57M	$52.43M	$1.05B	$2.05B
9.3x	$78.22	$46.10	$13.98	$-18.14	$-50.26
11.3x	$81.58	$49.46	$17.34	$-14.78	$-46.90
13.3x	$84.95	$52.83	$20.71	$-11.41	$-43.53
15.3x	$88.32	$56.20	$24.08	$-8.04	$-40.16
17.3x	$91.68	$59.56	$27.44	$-4.68	$-36.80

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