NESR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.69)
DCF	$29.09	+17.8%
Graham Number	$10.60	-57.1%
Reverse DCF	—	implied g: 13.2%
DDM	—	—
EV/EBITDA	$24.69	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $94.96M

Near-term growth (yrs 1–5)(%)Rev: 15.9% / EPS: -72.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.90%

Computed WACC: 4.90%

Cost of equity (Re)5.55%(Rf 4.30% + β 0.23 × 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)88.24%

Debt weight (D/V)11.76%

Results

Intrinsic Value / share$89.47

Current Price$24.69

Upside / Downside+262.4%

Net Debt (used)$206.73M

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

WACC \ Near-term	7.9%	11.9%	15.9%	19.9%	23.9%
7.0%	$31.28	$37.53	$44.72	$52.94	$62.31
8.0%	$24.81	$29.79	$35.50	$42.02	$49.45
9.0%	$20.36	$24.45	$29.15	$34.51	$40.60
10.0%	$17.12	$20.57	$24.52	$29.03	$34.16
11.0%	$14.65	$17.61	$21.01	$24.88	$29.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.52

Book Value / share($)Yahoo: $9.60

Results

Graham Number$10.60

Current Price$24.69

Margin of Safety-57.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.90%

Terminal growth rate(%)

Computed WACC: 4.90%

Cost of equity (Re)5.55%(Rf 4.30% + β 0.23 × 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)88.24%

Debt weight (D/V)11.76%

Results

Current Price$24.69

Implied Near-term FCF Growth-2.7%

Historical Revenue Growth15.9%

Historical Earnings Growth-72.3%

Base FCF (TTM)$94.96M

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$24.69

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $240.05M

Target EV/EBITDA multipleCurrent: 11.2×

Net Debt($B)Default: $206.73M

Results

Implied Equity Value / share$24.69

Current Price$24.69

Upside / Downside+0.0%

Implied EV$2.70B

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

Mult \ Net Debt	-$1.79B	-$793.27M	$206.73M	$1.21B	$2.21B
7.2x	$35.01	$25.09	$15.16	$5.24	$-4.68
9.2x	$39.77	$29.85	$19.93	$10.01	$0.08
11.2x	$44.53	$34.61	$24.69	$14.77	$4.85
13.2x	$49.30	$39.38	$29.45	$19.53	$9.61
15.2x	$54.06	$44.14	$34.22	$24.30	$14.37

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