NEN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($62.26)
DCF	$170.39	+173.7%
Graham Number	—	—
Reverse DCF	—	implied g: 10.6%
DDM	$32.96	-47.1%
EV/EBITDA	$2.27	-96.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $27.64M

Near-term growth (yrs 1–5)(%)Rev: 17.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.55%

Computed WACC: 1.55%

Cost of equity (Re)5.18%(Rf 4.30% + β 0.16 × 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)29.84%

Debt weight (D/V)70.16%

Results

Intrinsic Value / share—

Current Price$62.26

Upside / Downside—

Net Debt (used)$497.68M

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

WACC \ Near-term	9.1%	13.1%	17.1%	21.1%	25.1%
7.0%	$196.81	$266.25	$345.94	$436.99	$540.59
8.0%	$123.92	$179.07	$242.29	$314.48	$396.54
9.0%	$73.74	$119.06	$170.98	$230.21	$297.49
10.0%	$37.17	$75.35	$119.04	$168.85	$225.40
11.0%	$9.38	$42.15	$79.62	$122.29	$170.71

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.29

Book Value / share($)Yahoo: $-20.12

Results

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

Graham Number—

Current Price$62.26

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.55%

Terminal growth rate(%)

Computed WACC: 1.55%

Cost of equity (Re)5.18%(Rf 4.30% + β 0.16 × 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)29.84%

Debt weight (D/V)70.16%

Results

Current Price$62.26

Implied Near-term FCF Growth65.0%

Historical Revenue Growth17.1%

Historical Earnings Growth—

Base FCF (TTM)$27.64M

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: $1.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.96

Current Price$62.26

Upside / Downside-47.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $46.03M

Target EV/EBITDA multipleCurrent: 11.0×

Net Debt($B)Default: $497.68M

Results

Implied Equity Value / share$2.27

Current Price$62.26

Upside / Downside-96.4%

Implied EV$504.10M

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

Mult \ Net Debt	-$1.50B	-$502.32M	$497.68M	$1.50B	$2.50B
7.0x	$645.65	$291.35	$-62.96	$-417.26	$-771.57
9.0x	$678.27	$323.96	$-30.34	$-384.65	$-738.95
11.0x	$710.88	$356.58	$2.27	$-352.03	$-706.34
13.0x	$743.50	$389.19	$34.89	$-319.42	$-673.72
15.0x	$776.11	$421.81	$67.50	$-286.80	$-641.11

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