NSA-PB

NSA-PB — Valuation Models

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

Valuation Summary

ModelIntrinsic Valuevs Price ($21.15)
DCF$54500220189.13+257685474484.4%
Graham Number
Reverse DCFimplied g: 2.7%
DDM$30.90+46.1%
EV/EBITDA$2559497313.86+12101699264.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: $221.98M
Rev: 2.2% / EPS: 54.7%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$54600006890.05
Current Price$21.15
Upside / Downside+258157281447.7%
Net Debt (used)$3.40B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term46.7%50.7%54.7%58.7%62.7%
7.0%$67718241315.76$77827025066.25$89059725462.38$101507810927.63$115267589509.64
8.0%$51999856748.41$59848445335.42$68568028005.38$78229411442.46$88907145981.88
9.0%$41284187454.07$47592737336.72$54600006890.05$62362732825.26$70940649318.02
10.0%$33558182037.88$38757029565.56$44530511516.20$50925233183.17$57990260126.39
11.0%$27757095748.82$32123287257.94$36971049247.16$42339390849.74$48269378787.85

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: —
Yahoo: $7.85

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.
Graham Number
Current Price$21.15
Margin of Safety
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Current Price$21.15
Implied Near-term FCF Growth2.7%
Historical Revenue Growth2.2%
Historical Earnings Growth54.7%
Base FCF (TTM)$221.98M
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

Yahoo: $1.50

Results

DDM Intrinsic Value / share$30.90
Current Price$21.15
Upside / Downside+46.1%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $453.91M
Current: 13.1×
Default: $3.40B

Results

Implied Equity Value / share$2559497313.86
Current Price$21.15
Upside / Downside+12101699264.3%
Implied EV$5.96B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt$1.40B$2.40B$3.40B$4.40B$5.40B
9.1x$2743841377.86$1743841377.86$743841377.86$-256158622.14$-1256158622.14
11.1x$3651669345.86$2651669345.86$1651669345.86$651669345.86$-348330654.14
13.1x$4559497313.86$3559497313.86$2559497313.86$1559497313.86$559497313.86
15.1x$5467325281.86$4467325281.86$3467325281.86$2467325281.86$1467325281.86
17.1x$6375153249.86$5375153249.86$4375153249.86$3375153249.86$2375153249.86