NEOG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.15)
DCF	$-3.06	-127.5%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$11.15	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$924,000

Near-term growth (yrs 1–5)(%)Rev: -2.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.28%

Computed WACC: 12.28%

Cost of equity (Re)15.18%(Rf 4.30% + β 1.98 × ERP 5.50%)

Cost of debt (Rd)4.32%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.31%

Debt weight (D/V)24.69%

Results

Intrinsic Value / share$-3.04

Current Price$11.15

Upside / Downside-127.2%

Net Debt (used)$649.73M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-3.06	$-3.08	$-3.10	$-3.12	$-3.14
8.0%	$-3.05	$-3.06	$-3.08	$-3.09	$-3.11
9.0%	$-3.04	$-3.05	$-3.06	$-3.08	$-3.09
10.0%	$-3.03	$-3.04	$-3.05	$-3.06	$-3.08
11.0%	$-3.03	$-3.04	$-3.04	$-3.05	$-3.07

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.78

Book Value / share($)Yahoo: $9.68

Results

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

Graham Number—

Current Price$11.15

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.28%

Terminal growth rate(%)

Computed WACC: 12.28%

Cost of equity (Re)15.18%(Rf 4.30% + β 1.98 × ERP 5.50%)

Cost of debt (Rd)4.32%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.31%

Debt weight (D/V)24.69%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$11.15

Implied Near-term FCF Growth—

Historical Revenue Growth-2.8%

Historical Earnings Growth—

Base FCF (TTM)-$924,000

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$11.15

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $90.36M

Target EV/EBITDA multipleCurrent: 34.0×

Net Debt($B)Default: $649.73M

Results

Implied Equity Value / share$11.15

Current Price$11.15

Upside / Downside+0.0%

Implied EV$3.08B

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

Mult \ Net Debt	-$1.35B	-$350.27M	$649.73M	$1.65B	$2.65B
30.0x	$18.68	$14.09	$9.49	$4.89	$0.29
32.0x	$19.51	$14.92	$10.32	$5.72	$1.13
34.0x	$20.34	$15.75	$11.15	$6.55	$1.96
36.0x	$21.18	$16.58	$11.98	$7.38	$2.79
38.0x	$22.01	$17.41	$12.81	$8.21	$3.62

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