NSSC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($44.67)
DCF	$84.51	+89.2%
Graham Number	$12.17	-72.8%
Reverse DCF	—	implied g: 20.0%
DDM	$12.36	-72.3%
EV/EBITDA	$44.67	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $35.45M

Near-term growth (yrs 1–5)(%)Rev: 12.2% / EPS: 32.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.42%

Computed WACC: 12.42%

Cost of equity (Re)12.46%(Rf 4.30% + β 1.48 × 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)99.67%

Debt weight (D/V)0.33%

Results

Intrinsic Value / share$50.84

Current Price$44.67

Upside / Downside+13.8%

Net Debt (used)-$110.13M

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

WACC \ Near-term	24.2%	28.2%	32.2%	36.2%	40.2%
7.0%	$96.25	$111.77	$129.32	$149.09	$171.30
8.0%	$76.77	$88.95	$102.72	$118.23	$135.64
9.0%	$63.42	$73.32	$84.51	$97.10	$111.23
10.0%	$53.75	$62.00	$71.31	$81.79	$93.55
11.0%	$46.45	$53.45	$61.35	$70.24	$80.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.27

Book Value / share($)Yahoo: $5.18

Results

Graham Number$12.17

Current Price$44.67

Margin of Safety-72.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.42%

Terminal growth rate(%)

Computed WACC: 12.42%

Cost of equity (Re)12.46%(Rf 4.30% + β 1.48 × 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)99.67%

Debt weight (D/V)0.33%

Results

Current Price$44.67

Implied Near-term FCF Growth29.5%

Historical Revenue Growth12.2%

Historical Earnings Growth32.2%

Base FCF (TTM)$35.45M

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$44.67

Upside / Downside-72.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $54.55M

Target EV/EBITDA multipleCurrent: 27.2×

Net Debt($B)Default: -$110.13M

Results

Implied Equity Value / share$44.67

Current Price$44.67

Upside / Downside+0.0%

Implied EV$1.48B

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

Mult \ Net Debt	-$2.11B	-$1.11B	-$110.13M	$889.87M	$1.89B
23.2x	$94.63	$66.59	$38.55	$10.51	$-17.53
25.2x	$97.69	$69.65	$41.61	$13.57	$-14.47
27.2x	$100.75	$72.71	$44.67	$16.63	$-11.41
29.2x	$103.81	$75.77	$47.73	$19.69	$-8.35
31.2x	$106.87	$78.83	$50.79	$22.75	$-5.29

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