NRDS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.36)
DCF	$105.80	+831.4%
Graham Number	$10.54	-7.2%
Reverse DCF	—	implied g: -19.0%
DDM	—	—
EV/EBITDA	$18.04	+58.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $88.08M

Near-term growth (yrs 1–5)(%)Rev: 22.6% / EPS: -62.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.04%

Computed WACC: 12.04%

Cost of equity (Re)12.25%(Rf 4.30% + β 1.45 × 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)98.30%

Debt weight (D/V)1.70%

Results

Intrinsic Value / share$67.78

Current Price$11.36

Upside / Downside+496.7%

Net Debt (used)-$85.70M

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

WACC \ Near-term	14.6%	18.6%	22.6%	26.6%	30.6%
7.0%	$116.31	$136.72	$160.02	$186.50	$216.47
8.0%	$93.34	$109.47	$127.88	$148.77	$172.42
9.0%	$77.56	$90.76	$105.80	$122.88	$142.18
10.0%	$66.08	$77.15	$89.76	$104.06	$120.22
11.0%	$57.39	$66.85	$77.61	$89.82	$103.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.94

Book Value / share($)Yahoo: $5.25

Results

Graham Number$10.54

Current Price$11.36

Margin of Safety-7.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.04%

Terminal growth rate(%)

Computed WACC: 12.04%

Cost of equity (Re)12.25%(Rf 4.30% + β 1.45 × 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)98.30%

Debt weight (D/V)1.70%

Results

Current Price$11.36

Implied Near-term FCF Growth-14.1%

Historical Revenue Growth22.6%

Historical Earnings Growth-62.5%

Base FCF (TTM)$88.08M

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$11.36

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $80.40M

Target EV/EBITDA multipleCurrent: 8.1×

Net Debt($B)Default: -$85.70M

Results

Implied Equity Value / share$18.04

Current Price$11.36

Upside / Downside+58.8%

Implied EV$654.30M

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

Mult \ Net Debt	-$2.09B	-$1.09B	-$85.70M	$914.30M	$1.91B
4.1x	$58.95	$34.57	$10.20	$-14.18	$-38.55
6.1x	$62.86	$38.49	$14.12	$-10.26	$-34.63
8.1x	$66.78	$42.41	$18.04	$-6.34	$-30.71
10.1x	$70.70	$46.33	$21.96	$-2.42	$-26.79
12.1x	$74.62	$50.25	$25.88	$1.50	$-22.87

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