NCNO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.13)
DCF	$21.66	+34.3%
Graham Number	—	—
Reverse DCF	—	implied g: 5.0%
DDM	—	—
EV/EBITDA	$16.24	+0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $116.01M

Near-term growth (yrs 1–5)(%)Rev: 9.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.44%

Computed WACC: 6.44%

Cost of equity (Re)7.37%(Rf 4.30% + β 0.56 × 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)87.40%

Debt weight (D/V)12.60%

Results

Intrinsic Value / share$37.72

Current Price$16.13

Upside / Downside+133.8%

Net Debt (used)$181.78M

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

WACC \ Near-term	1.6%	5.6%	9.6%	13.6%	17.6%
7.0%	$22.46	$27.17	$32.63	$38.92	$46.12
8.0%	$18.00	$21.78	$26.14	$31.16	$36.90
9.0%	$14.92	$18.05	$21.66	$25.80	$30.55
10.0%	$12.67	$15.32	$18.38	$21.89	$25.90
11.0%	$10.95	$13.24	$15.88	$18.91	$22.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.19

Book Value / share($)Yahoo: $9.10

Results

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

Graham Number—

Current Price$16.13

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.44%

Terminal growth rate(%)

Computed WACC: 6.44%

Cost of equity (Re)7.37%(Rf 4.30% + β 0.56 × 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)87.40%

Debt weight (D/V)12.60%

Results

Current Price$16.13

Implied Near-term FCF Growth-2.9%

Historical Revenue Growth9.6%

Historical Earnings Growth—

Base FCF (TTM)$116.01M

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$16.13

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $53.75M

Target EV/EBITDA multipleCurrent: 38.0×

Net Debt($B)Default: $181.78M

Results

Implied Equity Value / share$16.24

Current Price$16.13

Upside / Downside+0.7%

Implied EV$2.04B

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

Mult \ Net Debt	-$1.82B	-$818.22M	$181.78M	$1.18B	$2.18B
34.0x	$31.80	$23.08	$14.36	$5.64	$-3.08
36.0x	$32.74	$24.02	$15.30	$6.58	$-2.14
38.0x	$33.68	$24.96	$16.24	$7.52	$-1.20
40.0x	$34.61	$25.90	$17.18	$8.46	$-0.26
42.0x	$35.55	$26.83	$18.11	$9.39	$0.67

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