NSP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.21)
DCF	$-137.51	-719.2%
Graham Number	—	—
Reverse DCF	—	—
DDM	$49.44	+122.6%
EV/EBITDA	$22.21	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$307.25M

Near-term growth (yrs 1–5)(%)Rev: 3.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.22%

Computed WACC: 6.22%

Cost of equity (Re)6.80%(Rf 4.30% + β 0.46 × ERP 5.50%)

Cost of debt (Rd)6.50%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)64.86%

Debt weight (D/V)35.14%

Results

Intrinsic Value / share$-245.67

Current Price$22.21

Upside / Downside-1206.1%

Net Debt (used)-$206.00M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-138.74	$-167.90	$-201.83	$-241.09	$-286.32
8.0%	$-113.08	$-136.55	$-163.82	$-195.33	$-231.58
9.0%	$-95.30	$-114.85	$-137.51	$-163.68	$-193.74
10.0%	$-82.25	$-98.92	$-118.23	$-140.49	$-166.04
11.0%	$-72.26	$-86.74	$-103.49	$-122.78	$-144.89

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.19

Book Value / share($)Yahoo: $1.22

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$22.21

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.22%

Terminal growth rate(%)

Computed WACC: 6.22%

Cost of equity (Re)6.80%(Rf 4.30% + β 0.46 × ERP 5.50%)

Cost of debt (Rd)6.50%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)64.86%

Debt weight (D/V)35.14%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$22.21

Implied Near-term FCF Growth—

Historical Revenue Growth3.4%

Historical Earnings Growth—

Base FCF (TTM)-$307.25M

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: $2.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$49.44

Current Price$22.21

Upside / Downside+122.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $21.00M

Target EV/EBITDA multipleCurrent: 30.1×

Net Debt($B)Default: -$206.00M

Results

Implied Equity Value / share$22.21

Current Price$22.21

Upside / Downside+0.0%

Implied EV$631.95M

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

Mult \ Net Debt	-$2.21B	-$1.21B	-$206.00M	$794.00M	$1.79B
26.1x	$72.99	$46.49	$19.98	$-6.52	$-33.03
28.1x	$74.11	$47.60	$21.10	$-5.41	$-31.91
30.1x	$75.22	$48.72	$22.21	$-4.30	$-30.80
32.1x	$76.33	$49.83	$23.32	$-3.18	$-29.69
34.1x	$77.45	$50.94	$24.44	$-2.07	$-28.57

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