NKSH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.79)
DCF	$9.30	-75.4%
Graham Number	$40.35	+6.8%
Reverse DCF	—	—
DDM	$32.14	-15.0%
EV/EBITDA	—	—

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: 29.2% / EPS: 90.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.74%

Computed WACC: 7.74%

Cost of equity (Re)7.74%(Rf 4.30% + β 0.63 × 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)100.00%

Debt weight (D/V)0.00%

Results

Intrinsic Value / share$9.30

Current Price$37.79

Upside / Downside-75.4%

Net Debt (used)-$59.25M

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

WACC \ Near-term	82.5%	86.5%	90.5%	94.5%	98.5%
7.0%	$9.30	$9.30	$9.30	$9.30	$9.30
8.0%	$9.30	$9.30	$9.30	$9.30	$9.30
9.0%	$9.30	$9.30	$9.30	$9.30	$9.30
10.0%	$9.30	$9.30	$9.30	$9.30	$9.30
11.0%	$9.30	$9.30	$9.30	$9.30	$9.30

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.49

Book Value / share($)Yahoo: $29.06

Results

Graham Number$40.35

Current Price$37.79

Margin of Safety+6.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.74%

Terminal growth rate(%)

Computed WACC: 7.74%

Cost of equity (Re)7.74%(Rf 4.30% + β 0.63 × 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)100.00%

Debt weight (D/V)0.00%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$37.79

Implied Near-term FCF Growth—

Historical Revenue Growth29.2%

Historical Earnings Growth90.5%

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: $1.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.14

Current Price$37.79

Upside / Downside-15.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$59.25M

Results

Implied Equity Value / share$9.30

Current Price$37.79

Upside / Downside-75.4%

Implied EV$0

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