NL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.18)
DCF	$12.61	+104.1%
Graham Number	$5.88	-4.9%
Reverse DCF	—	implied g: 2.4%
DDM	$8.24	+33.3%
EV/EBITDA	$6.55	+5.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $13.28M

Near-term growth (yrs 1–5)(%)Rev: 18.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.05%

Computed WACC: 5.05%

Cost of equity (Re)5.06%(Rf 4.30% + β 0.14 × 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)99.83%

Debt weight (D/V)0.17%

Results

Intrinsic Value / share$31.42

Current Price$6.18

Upside / Downside+408.4%

Net Debt (used)-$101.42M

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

WACC \ Near-term	10.7%	14.7%	18.7%	22.7%	26.7%
7.0%	$13.46	$15.55	$17.95	$20.69	$23.79
8.0%	$11.22	$12.88	$14.78	$16.94	$19.40
9.0%	$9.67	$11.04	$12.59	$14.37	$16.38
10.0%	$8.55	$9.70	$11.01	$12.50	$14.19
11.0%	$7.70	$8.68	$9.80	$11.08	$12.52

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.20

Book Value / share($)Yahoo: $7.68

Results

Graham Number$5.88

Current Price$6.18

Margin of Safety-4.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.05%

Terminal growth rate(%)

Computed WACC: 5.05%

Cost of equity (Re)5.06%(Rf 4.30% + β 0.14 × 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)99.83%

Debt weight (D/V)0.17%

Results

Current Price$6.18

Implied Near-term FCF Growth-11.0%

Historical Revenue Growth18.7%

Historical Earnings Growth—

Base FCF (TTM)$13.28M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$6.18

Upside / Downside+33.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $11.14M

Target EV/EBITDA multipleCurrent: 19.6×

Net Debt($B)Default: -$101.42M

Results

Implied Equity Value / share$6.55

Current Price$6.18

Upside / Downside+5.9%

Implied EV$218.44M

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

Mult \ Net Debt	-$2.10B	-$1.10B	-$101.42M	$898.58M	$1.90B
15.6x	$46.57	$26.10	$5.63	$-14.83	$-35.30
17.6x	$47.02	$26.56	$6.09	$-14.38	$-34.84
19.6x	$47.48	$27.01	$6.55	$-13.92	$-34.38
21.6x	$47.93	$27.47	$7.00	$-13.46	$-33.93
23.6x	$48.39	$27.92	$7.46	$-13.01	$-33.47

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