NCSM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($40.93)
DCF	$128.64	+214.3%
Graham Number	$66.69	+62.9%
Reverse DCF	—	implied g: -15.2%
DDM	—	—
EV/EBITDA	$47.61	+16.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $17.10M

Near-term growth (yrs 1–5)(%)Rev: 5.8% / EPS: -14.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.98%

Computed WACC: 6.98%

Cost of equity (Re)7.86%(Rf 4.30% + β 0.65 × 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)88.78%

Debt weight (D/V)11.22%

Results

Intrinsic Value / share$185.68

Current Price$40.93

Upside / Downside+353.7%

Net Debt (used)-$12.15M

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

WACC \ Near-term	-2.2%	1.8%	5.8%	9.8%	13.8%
7.0%	$130.27	$155.52	$184.87	$218.80	$257.85
8.0%	$107.77	$128.07	$151.63	$178.84	$210.12
9.0%	$92.19	$109.07	$128.64	$151.22	$177.13
10.0%	$80.75	$95.15	$111.80	$130.99	$152.99
11.0%	$72.00	$84.50	$98.93	$115.54	$134.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.56

Book Value / share($)Yahoo: $43.35

Results

Graham Number$66.69

Current Price$40.93

Margin of Safety+62.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.98%

Terminal growth rate(%)

Computed WACC: 6.98%

Cost of equity (Re)7.86%(Rf 4.30% + β 0.65 × 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)88.78%

Debt weight (D/V)11.22%

Results

Current Price$40.93

Implied Near-term FCF Growth-19.6%

Historical Revenue Growth5.8%

Historical Earnings Growth-14.4%

Base FCF (TTM)$17.10M

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$40.93

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $13.99M

Target EV/EBITDA multipleCurrent: 7.8×

Net Debt($B)Default: -$12.15M

Results

Implied Equity Value / share$47.61

Current Price$40.93

Upside / Downside+16.3%

Implied EV$108.83M

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$12.15M	$987.85M	$1.99B
3.8x	$812.71	$419.15	$25.59	$-367.96	$-761.52
5.8x	$823.72	$430.16	$36.60	$-356.96	$-750.51
7.8x	$834.73	$441.17	$47.61	$-345.95	$-739.51
9.8x	$845.74	$452.18	$58.62	$-334.94	$-728.50
11.8x	$856.74	$463.19	$69.63	$-323.93	$-717.49

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