MAX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.16)
DCF	$401596548320.34	+3952721932186.9%
Graham Number	$0.81	-92.1%
Reverse DCF	—	implied g: -13.3%
DDM	—	—
EV/EBITDA	$11.63	+14.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $96.48M

Near-term growth (yrs 1–5)(%)Rev: -3.2% / EPS: 1412.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.74%

Computed WACC: 10.74%

Cost of equity (Re)12.03%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)6.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.16%

Debt weight (D/V)18.84%

Results

Intrinsic Value / share$275397040724.13

Current Price$10.16

Upside / Downside+2710600794428.8%

Net Debt (used)$107.91M

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

WACC \ Near-term	1404.2%	1408.2%	1412.2%	1416.2%	1420.2%
7.0%	$665446069733.89	$674341091813.86	$683330980471.48	$692416492514.93	$701598388766.76
8.0%	$501446421602.26	$508149259231.43	$514923583502.87	$521769964708.87	$528688976166.70
9.0%	$391085509735.45	$396313152281.50	$401596548320.34	$406936142631.40	$412332382353.31
10.0%	$312645054556.79	$316824182990.28	$321047882375.76	$325316508282.73	$329630418166.73
11.0%	$254651115630.81	$258055038679.15	$261495265012.19	$264972084243.23	$268485787521.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.39

Book Value / share($)Yahoo: $0.07

Results

Graham Number$0.81

Current Price$10.16

Margin of Safety-92.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.74%

Terminal growth rate(%)

Computed WACC: 10.74%

Cost of equity (Re)12.03%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)6.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.16%

Debt weight (D/V)18.84%

Results

Current Price$10.16

Implied Near-term FCF Growth-10.0%

Historical Revenue Growth-3.2%

Historical Earnings Growth1412.2%

Base FCF (TTM)$96.48M

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$10.16

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $81.17M

Target EV/EBITDA multipleCurrent: 8.0×

Net Debt($B)Default: $107.91M

Results

Implied Equity Value / share$11.63

Current Price$10.16

Upside / Downside+14.5%

Implied EV$645.59M

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

Mult \ Net Debt	-$1.89B	-$892.09M	$107.91M	$1.11B	$2.11B
4.0x	$47.87	$26.24	$4.61	$-17.02	$-38.66
6.0x	$51.38	$29.75	$8.12	$-13.51	$-35.14
8.0x	$54.89	$33.26	$11.63	$-10.00	$-31.63
10.0x	$58.41	$36.77	$15.14	$-6.49	$-28.12
12.0x	$61.92	$40.29	$18.65	$-2.98	$-24.61

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