NEWT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.30)
DCF	$-18.79	-252.8%
Graham Number	$24.79	+101.5%
Reverse DCF	—	—
DDM	$15.66	+27.3%
EV/EBITDA	$13.98	+13.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 3.0% / EPS: -6.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.43%

Computed WACC: 3.43%

Cost of equity (Re)11.37%(Rf 4.30% + β 1.28 × 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)30.16%

Debt weight (D/V)69.84%

Results

Intrinsic Value / share$-18.79

Current Price$12.30

Upside / Downside-252.8%

Net Debt (used)$538.53M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-18.79	$-18.79	$-18.79	$-18.79	$-18.79
8.0%	$-18.79	$-18.79	$-18.79	$-18.79	$-18.79
9.0%	$-18.79	$-18.79	$-18.79	$-18.79	$-18.79
10.0%	$-18.79	$-18.79	$-18.79	$-18.79	$-18.79
11.0%	$-18.79	$-18.79	$-18.79	$-18.79	$-18.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.24

Book Value / share($)Yahoo: $12.19

Results

Graham Number$24.79

Current Price$12.30

Margin of Safety+101.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.43%

Terminal growth rate(%)

Computed WACC: 3.43%

Cost of equity (Re)11.37%(Rf 4.30% + β 1.28 × 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)30.16%

Debt weight (D/V)69.84%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$12.30

Implied Near-term FCF Growth—

Historical Revenue Growth3.0%

Historical Earnings Growth-6.0%

Base FCF (TTM)—

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: $0.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.66

Current Price$12.30

Upside / Downside+27.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $197.98M

Target EV/EBITDA multipleCurrent: 4.7×

Net Debt($B)Default: $538.53M

Results

Implied Equity Value / share$13.98

Current Price$12.30

Upside / Downside+13.7%

Implied EV$939.23M

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

Mult \ Net Debt	-$1.46B	-$461.47M	$538.53M	$1.54B	$2.54B
0.7x	$56.14	$21.24	$-13.65	$-48.55	$-83.44
2.7x	$69.95	$35.06	$0.17	$-34.73	$-69.62
4.7x	$83.77	$48.88	$13.98	$-20.91	$-55.81
6.7x	$97.59	$62.69	$27.80	$-7.10	$-41.99
8.7x	$111.40	$76.51	$41.62	$6.72	$-28.17

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