NGS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($38.75)
DCF	$-127.96	-430.2%
Graham Number	$26.74	-31.0%
Reverse DCF	—	—
DDM	$4.33	-88.8%
EV/EBITDA	$54.68	+41.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$44.60M

Near-term growth (yrs 1–5)(%)Rev: 6.7% / EPS: 15.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.37%

Computed WACC: 4.37%

Cost of equity (Re)6.24%(Rf 4.30% + β 0.35 × 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)70.04%

Debt weight (D/V)29.96%

Results

Intrinsic Value / share$-438.18

Current Price$38.75

Upside / Downside-1230.8%

Net Debt (used)$208.29M

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

WACC \ Near-term	7.0%	11.0%	15.0%	19.0%	23.0%
7.0%	$-135.03	$-157.41	$-183.14	$-212.61	$-246.21
8.0%	$-112.20	$-130.00	$-150.47	$-173.87	$-200.54
9.0%	$-96.46	$-111.13	$-127.96	$-147.20	$-169.11
10.0%	$-84.98	$-97.36	$-111.56	$-127.77	$-146.21
11.0%	$-76.25	$-86.90	$-99.09	$-113.01	$-128.82

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.47

Book Value / share($)Yahoo: $21.62

Results

Graham Number$26.74

Current Price$38.75

Margin of Safety-31.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.37%

Terminal growth rate(%)

Computed WACC: 4.37%

Cost of equity (Re)6.24%(Rf 4.30% + β 0.35 × 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)70.04%

Debt weight (D/V)29.96%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$38.75

Implied Near-term FCF Growth—

Historical Revenue Growth6.7%

Historical Earnings Growth15.0%

Base FCF (TTM)-$44.60M

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: $0.21

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.33

Current Price$38.75

Upside / Downside-88.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $74.63M

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $208.29M

Results

Implied Equity Value / share$54.68

Current Price$38.75

Upside / Downside+41.1%

Implied EV$895.50M

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

Mult \ Net Debt	-$1.79B	-$791.71M	$208.29M	$1.21B	$2.21B
8.0x	$190.05	$110.49	$30.93	$-48.64	$-128.20
10.0x	$201.92	$122.36	$42.80	$-36.76	$-116.32
12.0x	$213.80	$134.24	$54.68	$-24.89	$-104.45
14.0x	$225.67	$146.11	$66.55	$-13.01	$-92.57
16.0x	$237.55	$157.99	$78.42	$-1.14	$-80.70

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