NGVC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.95)
DCF	$43.25	+60.5%
Graham Number	$21.04	-21.9%
Reverse DCF	—	implied g: 8.1%
DDM	$12.36	-54.1%
EV/EBITDA	$27.03	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $43.78M

Near-term growth (yrs 1–5)(%)Rev: 1.6% / EPS: 14.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.58%

Computed WACC: 7.58%

Cost of equity (Re)11.55%(Rf 4.30% + β 1.32 × 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)65.64%

Debt weight (D/V)34.36%

Results

Intrinsic Value / share$60.63

Current Price$26.95

Upside / Downside+125.0%

Net Debt (used)$301.74M

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

WACC \ Near-term	6.0%	10.0%	14.0%	18.0%	22.0%
7.0%	$46.52	$57.87	$70.93	$85.90	$102.99
8.0%	$35.11	$44.14	$54.54	$66.44	$80.01
9.0%	$27.24	$34.69	$43.25	$53.04	$64.20
10.0%	$21.49	$27.78	$35.01	$43.27	$52.67
11.0%	$17.12	$22.53	$28.75	$35.84	$43.91

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.06

Book Value / share($)Yahoo: $9.55

Results

Graham Number$21.04

Current Price$26.95

Margin of Safety-21.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.58%

Terminal growth rate(%)

Computed WACC: 7.58%

Cost of equity (Re)11.55%(Rf 4.30% + β 1.32 × 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)65.64%

Debt weight (D/V)34.36%

Results

Current Price$26.95

Implied Near-term FCF Growth3.9%

Historical Revenue Growth1.6%

Historical Earnings Growth14.0%

Base FCF (TTM)$43.78M

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$26.95

Upside / Downside-54.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $97.08M

Target EV/EBITDA multipleCurrent: 9.5×

Net Debt($B)Default: $301.74M

Results

Implied Equity Value / share$27.03

Current Price$26.95

Upside / Downside+0.3%

Implied EV$924.34M

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

Mult \ Net Debt	-$1.70B	-$698.26M	$301.74M	$1.30B	$2.30B
5.5x	$97.00	$53.59	$10.17	$-33.25	$-76.66
7.5x	$105.43	$62.02	$18.60	$-24.82	$-68.23
9.5x	$113.86	$70.45	$27.03	$-16.39	$-59.80
11.5x	$122.29	$78.88	$35.46	$-7.96	$-51.37
13.5x	$130.72	$87.31	$43.89	$0.47	$-42.94

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