NTST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.94)
DCF	$32.86	+56.9%
Graham Number	$5.29	-74.7%
Reverse DCF	—	implied g: 13.9%
DDM	$18.13	-13.4%
EV/EBITDA	$18.59	-11.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $115.10M

Near-term growth (yrs 1–5)(%)Rev: 19.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.50%

Computed WACC: 7.50%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × ERP 5.50%)

Cost of debt (Rd)5.22%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.46%

Debt weight (D/V)32.54%

Results

Intrinsic Value / share$47.64

Current Price$20.94

Upside / Downside+127.5%

Net Debt (used)$1.09B

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

WACC \ Near-term	11.6%	15.6%	19.6%	23.6%	27.6%
7.0%	$36.57	$45.07	$54.81	$65.90	$78.49
8.0%	$27.36	$34.09	$41.80	$50.57	$60.53
9.0%	$21.02	$26.54	$32.86	$40.04	$48.19
10.0%	$16.40	$21.05	$26.35	$32.38	$39.22
11.0%	$12.90	$16.88	$21.42	$26.58	$32.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.08

Book Value / share($)Yahoo: $15.54

Results

Graham Number$5.29

Current Price$20.94

Margin of Safety-74.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.50%

Terminal growth rate(%)

Computed WACC: 7.50%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × ERP 5.50%)

Cost of debt (Rd)5.22%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.46%

Debt weight (D/V)32.54%

Results

Current Price$20.94

Implied Near-term FCF Growth9.1%

Historical Revenue Growth19.6%

Historical Earnings Growth—

Base FCF (TTM)$115.10M

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: $0.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.13

Current Price$20.94

Upside / Downside-13.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $154.86M

Target EV/EBITDA multipleCurrent: 20.2×

Net Debt($B)Default: $1.09B

Results

Implied Equity Value / share$18.59

Current Price$20.94

Upside / Downside-11.2%

Implied EV$3.13B

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

Mult \ Net Debt	$1.09B	$1.09B	$1.09B	$1.09B	$1.09B
16.2x	$12.94	$12.94	$12.94	$12.94	$12.94
18.2x	$15.77	$15.77	$15.77	$15.77	$15.77
20.2x	$18.59	$18.59	$18.59	$18.59	$18.59
22.2x	$21.41	$21.41	$21.41	$21.41	$21.41
24.2x	$24.24	$24.24	$24.24	$24.24	$24.24

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