NVEC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($69.87)
DCF	$77.74	+11.3%
Graham Number	$28.14	-59.7%
Reverse DCF	—	implied g: 20.9%
DDM	$82.40	+17.9%
EV/EBITDA	$69.87	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $7.25M

Near-term growth (yrs 1–5)(%)Rev: 22.9% / EPS: 11.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.02%

Computed WACC: 11.02%

Cost of equity (Re)11.05%(Rf 4.30% + β 1.23 × 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)99.72%

Debt weight (D/V)0.28%

Results

Intrinsic Value / share$57.61

Current Price$69.87

Upside / Downside-17.5%

Net Debt (used)-$19.63M

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

WACC \ Near-term	14.9%	18.9%	22.9%	26.9%	30.9%
7.0%	$85.46	$99.98	$116.54	$135.36	$156.66
8.0%	$69.06	$80.53	$93.61	$108.46	$125.26
9.0%	$57.80	$67.18	$77.87	$90.00	$103.71
10.0%	$49.61	$57.47	$66.43	$76.58	$88.06
11.0%	$43.40	$50.12	$57.77	$66.43	$76.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.92

Book Value / share($)Yahoo: $12.05

Results

Graham Number$28.14

Current Price$69.87

Margin of Safety-59.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.02%

Terminal growth rate(%)

Computed WACC: 11.02%

Cost of equity (Re)11.05%(Rf 4.30% + β 1.23 × 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)99.72%

Debt weight (D/V)0.28%

Results

Current Price$69.87

Implied Near-term FCF Growth26.8%

Historical Revenue Growth22.9%

Historical Earnings Growth11.1%

Base FCF (TTM)$7.25M

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: $4.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$82.40

Current Price$69.87

Upside / Downside+17.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $15.79M

Target EV/EBITDA multipleCurrent: 20.2×

Net Debt($B)Default: -$19.63M

Results

Implied Equity Value / share$69.87

Current Price$69.87

Upside / Downside-0.0%

Implied EV$318.34M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$19.63M	$980.37M	$1.98B
16.2x	$470.28	$263.55	$56.81	$-149.92	$-356.65
18.2x	$476.81	$270.07	$63.34	$-143.39	$-350.12
20.2x	$483.33	$276.60	$69.87	$-136.86	$-343.60
22.2x	$489.86	$283.13	$76.40	$-130.34	$-337.07
24.2x	$496.39	$289.65	$82.92	$-123.81	$-330.54

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