NSYS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.50)
DCF	$-12.07	-227.1%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$9.59	+0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$786,875

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.51%

Computed WACC: 2.51%

Cost of equity (Re)4.50%(Rf 4.30% + β 0.04 × 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)55.65%

Debt weight (D/V)44.35%

Results

Intrinsic Value / share$-3272.58

Current Price$9.50

Upside / Downside-34547.8%

Net Debt (used)$19.82M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-12.12	$-13.13	$-14.30	$-15.67	$-17.23
8.0%	$-11.23	$-12.04	$-12.99	$-14.08	$-15.34
9.0%	$-10.61	$-11.29	$-12.07	$-12.98	$-14.02
10.0%	$-10.16	$-10.74	$-11.41	$-12.18	$-13.06
11.0%	$-9.81	$-10.31	$-10.89	$-11.56	$-12.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.95

Book Value / share($)Yahoo: $11.88

Results

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

Graham Number—

Current Price$9.50

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.51%

Terminal growth rate(%)

Computed WACC: 2.51%

Cost of equity (Re)4.50%(Rf 4.30% + β 0.04 × 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)55.65%

Debt weight (D/V)44.35%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$9.50

Implied Near-term FCF Growth—

Historical Revenue Growth-2.9%

Historical Earnings Growth—

Base FCF (TTM)-$786,875

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$9.50

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $741,000

Target EV/EBITDA multipleCurrent: 62.8×

Net Debt($B)Default: $19.82M

Results

Implied Equity Value / share$9.59

Current Price$9.50

Upside / Downside+0.9%

Implied EV$46.54M

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

Mult \ Net Debt	-$1.98B	-$980.17M	$19.82M	$1.02B	$2.02B
58.8x	$726.37	$367.45	$8.53	$-350.39	$-709.31
60.8x	$726.90	$367.98	$9.06	$-349.86	$-708.78
62.8x	$727.43	$368.51	$9.59	$-349.33	$-708.25
64.8x	$727.96	$369.04	$10.12	$-348.80	$-707.72
66.8x	$728.49	$369.57	$10.65	$-348.27	$-707.19

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