NGL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.42)
DCF	$10.68	-14.0%
Graham Number	—	—
Reverse DCF	—	implied g: 7.6%
DDM	—	—
EV/EBITDA	$18.34	+47.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $224.44M

Near-term growth (yrs 1–5)(%)Rev: 6.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.11%

Computed WACC: 7.11%

Cost of equity (Re)6.14%(Rf 4.30% + β 0.34 × ERP 5.50%)

Cost of debt (Rd)9.62%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)33.51%

Debt weight (D/V)66.49%

Results

Intrinsic Value / share$25.65

Current Price$12.42

Upside / Downside+106.5%

Net Debt (used)$3.06B

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

WACC \ Near-term	-1.2%	2.8%	6.8%	10.8%	14.8%
7.0%	$11.35	$18.55	$26.91	$36.57	$47.67
8.0%	$4.83	$10.61	$17.32	$25.05	$33.93
9.0%	$0.31	$5.12	$10.68	$17.09	$24.44
10.0%	$-3.00	$1.10	$5.82	$11.27	$17.50
11.0%	$-5.53	$-1.98	$2.12	$6.82	$12.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.26

Book Value / share($)Yahoo: $-1.57

Results

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

Graham Number—

Current Price$12.42

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.11%

Terminal growth rate(%)

Computed WACC: 7.11%

Cost of equity (Re)6.14%(Rf 4.30% + β 0.34 × ERP 5.50%)

Cost of debt (Rd)9.62%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)33.51%

Debt weight (D/V)66.49%

Results

Current Price$12.42

Implied Near-term FCF Growth1.9%

Historical Revenue Growth6.8%

Historical Earnings Growth—

Base FCF (TTM)$224.44M

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$12.42

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $670.60M

Target EV/EBITDA multipleCurrent: 7.9×

Net Debt($B)Default: $3.06B

Results

Implied Equity Value / share$18.34

Current Price$12.42

Upside / Downside+47.6%

Implied EV$5.33B

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

Mult \ Net Debt	$1.06B	$2.06B	$3.06B	$4.06B	$5.06B
3.9x	$12.83	$4.75	$-3.33	$-11.40	$-19.48
5.9x	$23.66	$15.58	$7.50	$-0.57	$-8.65
7.9x	$34.49	$26.41	$18.34	$10.26	$2.18
9.9x	$45.32	$37.25	$29.17	$21.09	$13.02
11.9x	$56.15	$48.08	$40.00	$31.93	$23.85

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