NOVT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($137.92)
DCF	$40.90	-70.3%
Graham Number	$34.79	-74.8%
Reverse DCF	—	implied g: 30.7%
DDM	—	—
EV/EBITDA	$140.37	+1.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $64.27M

Near-term growth (yrs 1–5)(%)Rev: 8.5% / EPS: 0.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.51%

Computed WACC: 12.51%

Cost of equity (Re)13.28%(Rf 4.30% + β 1.63 × 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)94.25%

Debt weight (D/V)5.75%

Results

Intrinsic Value / share$26.76

Current Price$137.92

Upside / Downside-80.6%

Net Debt (used)-$78.14M

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

WACC \ Near-term	0.5%	4.5%	8.5%	12.5%	16.5%
7.0%	$42.07	$49.95	$59.08	$69.62	$81.70
8.0%	$34.74	$41.05	$48.36	$56.78	$66.43
9.0%	$29.67	$34.91	$40.96	$47.92	$55.90
10.0%	$25.96	$30.41	$35.54	$41.44	$48.20
11.0%	$23.12	$26.97	$31.41	$36.51	$42.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.46

Book Value / share($)Yahoo: $36.84

Results

Graham Number$34.79

Current Price$137.92

Margin of Safety-74.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.51%

Terminal growth rate(%)

Computed WACC: 12.51%

Cost of equity (Re)13.28%(Rf 4.30% + β 1.63 × 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)94.25%

Debt weight (D/V)5.75%

Results

Current Price$137.92

Implied Near-term FCF Growth41.4%

Historical Revenue Growth8.5%

Historical Earnings Growth0.6%

Base FCF (TTM)$64.27M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$137.92

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $178.03M

Target EV/EBITDA multipleCurrent: 27.8×

Net Debt($B)Default: -$78.14M

Results

Implied Equity Value / share$140.37

Current Price$137.92

Upside / Downside+1.8%

Implied EV$4.94B

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

Mult \ Net Debt	-$2.08B	-$1.08B	-$78.14M	$921.86M	$1.92B
23.8x	$176.37	$148.42	$120.46	$92.51	$64.56
25.8x	$186.32	$158.37	$130.42	$102.46	$74.51
27.8x	$196.27	$168.32	$140.37	$112.42	$84.47
29.8x	$206.23	$178.28	$150.32	$122.37	$94.42
31.8x	$216.18	$188.23	$160.28	$132.32	$104.37

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