NATH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($100.58)
DCF	$96.61	-3.9%
Graham Number	—	—
Reverse DCF	—	implied g: 9.5%
DDM	$41.20	-59.0%
EV/EBITDA	$100.58	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $19.22M

Near-term growth (yrs 1–5)(%)Rev: 8.9% / EPS: -31.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.40%

Computed WACC: 5.40%

Cost of equity (Re)6.09%(Rf 4.30% + β 0.33 × 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)88.60%

Debt weight (D/V)11.40%

Results

Intrinsic Value / share$233.10

Current Price$100.58

Upside / Downside+131.8%

Net Debt (used)$28.44M

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

WACC \ Near-term	0.9%	4.9%	8.9%	12.9%	16.9%
7.0%	$99.97	$121.05	$145.46	$173.59	$205.86
8.0%	$80.26	$97.14	$116.67	$139.14	$164.90
9.0%	$66.63	$80.62	$96.78	$115.36	$136.64
10.0%	$56.65	$68.53	$82.24	$97.98	$115.99
11.0%	$49.04	$59.31	$71.16	$84.74	$100.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.20

Book Value / share($)Yahoo: $-3.73

Results

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

Graham Number—

Current Price$100.58

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.40%

Terminal growth rate(%)

Computed WACC: 5.40%

Cost of equity (Re)6.09%(Rf 4.30% + β 0.33 × 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)88.60%

Debt weight (D/V)11.40%

Results

Current Price$100.58

Implied Near-term FCF Growth-3.2%

Historical Revenue Growth8.9%

Historical Earnings Growth-31.7%

Base FCF (TTM)$19.22M

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$100.58

Upside / Downside-59.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $32.71M

Target EV/EBITDA multipleCurrent: 13.5×

Net Debt($B)Default: $28.44M

Results

Implied Equity Value / share$100.58

Current Price$100.58

Upside / Downside-0.0%

Implied EV$440.24M

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

Mult \ Net Debt	-$1.97B	-$971.56M	$28.44M	$1.03B	$2.03B
9.5x	$557.09	$312.86	$68.62	$-175.61	$-419.85
11.5x	$573.07	$328.84	$84.60	$-159.64	$-403.87
13.5x	$589.05	$344.81	$100.58	$-143.66	$-387.89
15.5x	$605.03	$360.79	$116.56	$-127.68	$-371.92
17.5x	$621.00	$376.77	$132.53	$-111.70	$-355.94

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