NMFC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.79)
DCF	$0.35	-95.5%
Graham Number	$6.44	-17.3%
Reverse DCF	—	implied g: 11.5%
DDM	$26.37	+238.5%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $92.60M

Near-term growth (yrs 1–5)(%)Rev: -15.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.44%

Computed WACC: 2.44%

Cost of equity (Re)7.64%(Rf 4.30% + β 0.61 × 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)31.96%

Debt weight (D/V)68.04%

Results

Intrinsic Value / share—

Current Price$7.79

Upside / Downside—

Net Debt (used)$1.59B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$0.49	$3.78	$7.60	$12.03	$17.13
8.0%	$-2.41	$0.24	$3.31	$6.87	$10.96
9.0%	$-4.41	$-2.21	$0.35	$3.30	$6.69
10.0%	$-5.89	$-4.01	$-1.83	$0.68	$3.57
11.0%	$-7.01	$-5.38	$-3.49	$-1.31	$1.18

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.16

Book Value / share($)Yahoo: $11.52

Results

Graham Number$6.44

Current Price$7.79

Margin of Safety-17.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.44%

Terminal growth rate(%)

Computed WACC: 2.44%

Cost of equity (Re)7.64%(Rf 4.30% + β 0.61 × 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)31.96%

Debt weight (D/V)68.04%

Results

Current Price$7.79

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-15.1%

Historical Earnings Growth—

Base FCF (TTM)$92.60M

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$7.79

Upside / Downside+238.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $1.59B

Results

Implied Equity Value / share$-15.78

Current Price$7.79

Upside / Downside-302.6%

Implied EV$0

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