NAII — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.71)
DCF	$13.94	+414.2%
Graham Number	—	—
Reverse DCF	—	implied g: -4.5%
DDM	—	—
EV/EBITDA	$2.63	-2.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $108,500

Near-term growth (yrs 1–5)(%)Rev: 26.5% / EPS: 74.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.12%

Computed WACC: 3.12%

Cost of equity (Re)6.19%(Rf 4.30% + β 0.34 × 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)50.39%

Debt weight (D/V)49.61%

Results

Intrinsic Value / share$171.02

Current Price$2.71

Upside / Downside+6210.7%

Net Debt (used)-$15.65M

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

WACC \ Near-term	66.1%	70.1%	74.1%	78.1%	82.1%
7.0%	$17.11	$18.93	$20.94	$23.14	$25.55
8.0%	$13.80	$15.21	$16.76	$18.46	$20.32
9.0%	$11.55	$12.68	$13.92	$15.27	$16.76
10.0%	$9.93	$10.86	$11.87	$12.98	$14.20
11.0%	$8.72	$9.50	$10.34	$11.27	$12.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.05

Book Value / share($)Yahoo: $11.17

Results

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

Graham Number—

Current Price$2.71

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.12%

Terminal growth rate(%)

Computed WACC: 3.12%

Cost of equity (Re)6.19%(Rf 4.30% + β 0.34 × 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)50.39%

Debt weight (D/V)49.61%

Results

Current Price$2.71

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth26.5%

Historical Earnings Growth74.1%

Base FCF (TTM)$108,500

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$2.71

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $424,000

Target EV/EBITDA multipleCurrent: 1.5×

Net Debt($B)Default: -$15.65M

Results

Implied Equity Value / share$2.63

Current Price$2.71

Upside / Downside-2.8%

Implied EV$615,648

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$15.65M	$984.35M	$1.98B
-2.5x	$326.15	$164.26	$2.36	$-159.54	$-321.43
-0.5x	$326.29	$164.39	$2.50	$-159.40	$-321.30
1.5x	$326.43	$164.53	$2.63	$-159.26	$-321.16
3.5x	$326.56	$164.67	$2.77	$-159.13	$-321.02
5.5x	$326.70	$164.80	$2.91	$-158.99	$-320.89

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