NCMI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.61)
DCF	$10.53	+191.6%
Graham Number	—	—
Reverse DCF	—	implied g: 1.9%
DDM	$2.47	-31.5%
EV/EBITDA	$3.58	-0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.35M

Near-term growth (yrs 1–5)(%)Rev: 8.0% / EPS: 20.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.48%

Computed WACC: 11.48%

Cost of equity (Re)11.96%(Rf 4.30% + β 1.39 × ERP 5.50%)

Cost of debt (Rd)5.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.69%

Debt weight (D/V)6.31%

Results

Intrinsic Value / share$7.25

Current Price$3.61

Upside / Downside+100.8%

Net Debt (used)-$11.80M

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

WACC \ Near-term	12.8%	16.8%	20.8%	24.8%	28.8%
7.0%	$11.49	$13.55	$15.90	$18.58	$21.62
8.0%	$9.23	$10.85	$12.72	$14.83	$17.23
9.0%	$7.67	$9.00	$10.53	$12.26	$14.22
10.0%	$6.53	$7.66	$8.93	$10.39	$12.03
11.0%	$5.68	$6.63	$7.73	$8.97	$10.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.16

Book Value / share($)Yahoo: $4.02

Results

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

Graham Number—

Current Price$3.61

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.48%

Terminal growth rate(%)

Computed WACC: 11.48%

Cost of equity (Re)11.96%(Rf 4.30% + β 1.39 × ERP 5.50%)

Cost of debt (Rd)5.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.69%

Debt weight (D/V)6.31%

Results

Current Price$3.61

Implied Near-term FCF Growth7.6%

Historical Revenue Growth8.0%

Historical Earnings Growth20.8%

Base FCF (TTM)$22.35M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$3.61

Upside / Downside-31.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $23.80M

Target EV/EBITDA multipleCurrent: 13.6×

Net Debt($B)Default: -$11.80M

Results

Implied Equity Value / share$3.58

Current Price$3.61

Upside / Downside-0.7%

Implied EV$324.44M

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$11.80M	$988.20M	$1.99B
9.6x	$23.88	$13.23	$2.57	$-8.09	$-18.75
11.6x	$24.39	$13.73	$3.08	$-7.58	$-18.24
13.6x	$24.90	$14.24	$3.58	$-7.07	$-17.73
15.6x	$25.41	$14.75	$4.09	$-6.57	$-17.22
17.6x	$25.91	$15.26	$4.60	$-6.06	$-16.72

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