NRC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.85)
DCF	$5.45	-60.7%
Graham Number	$2.66	-80.8%
Reverse DCF	—	implied g: 16.5%
DDM	$11.54	-16.7%
EV/EBITDA	$13.85	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $11.37M

Near-term growth (yrs 1–5)(%)Rev: -4.6% / EPS: -71.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.48%

Computed WACC: 6.48%

Cost of equity (Re)7.03%(Rf 4.30% + β 0.50 × ERP 5.50%)

Cost of debt (Rd)5.48%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)79.58%

Debt weight (D/V)20.42%

Results

Intrinsic Value / share$11.10

Current Price$13.85

Upside / Downside-19.9%

Net Debt (used)$76.39M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$5.52	$7.32	$9.41	$11.83	$14.62
8.0%	$3.94	$5.39	$7.07	$9.01	$11.25
9.0%	$2.84	$4.05	$5.45	$7.06	$8.91
10.0%	$2.04	$3.06	$4.26	$5.63	$7.21
11.0%	$1.42	$2.31	$3.35	$4.54	$5.90

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.51

Book Value / share($)Yahoo: $0.62

Results

Graham Number$2.66

Current Price$13.85

Margin of Safety-80.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.48%

Terminal growth rate(%)

Computed WACC: 6.48%

Cost of equity (Re)7.03%(Rf 4.30% + β 0.50 × ERP 5.50%)

Cost of debt (Rd)5.48%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)79.58%

Debt weight (D/V)20.42%

Results

Current Price$13.85

Implied Near-term FCF Growth7.8%

Historical Revenue Growth-4.6%

Historical Earnings Growth-71.5%

Base FCF (TTM)$11.37M

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$13.85

Upside / Downside-16.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $30.21M

Target EV/EBITDA multipleCurrent: 12.9×

Net Debt($B)Default: $76.39M

Results

Implied Equity Value / share$13.85

Current Price$13.85

Upside / Downside-0.0%

Implied EV$389.91M

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

Mult \ Net Debt	-$1.92B	-$923.61M	$76.39M	$1.08B	$2.08B
8.9x	$96.86	$52.69	$8.51	$-35.66	$-79.84
10.9x	$99.53	$55.36	$11.18	$-32.99	$-77.17
12.9x	$102.20	$58.02	$13.85	$-30.33	$-74.50
14.9x	$104.87	$60.69	$16.52	$-27.66	$-71.83
16.9x	$107.54	$63.36	$19.19	$-24.99	$-69.16

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