NX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.63)
DCF	$21.00	+7.0%
Graham Number	—	—
Reverse DCF	—	implied g: 4.4%
DDM	$6.59	-66.4%
EV/EBITDA	$20.10	+2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $99.25M

Near-term growth (yrs 1–5)(%)Rev: -0.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.82%

Computed WACC: 7.82%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)7.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.37%

Debt weight (D/V)48.63%

Results

Intrinsic Value / share$29.51

Current Price$19.63

Upside / Downside+50.4%

Net Debt (used)$777.72M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$21.33	$29.06	$38.06	$48.48	$60.48
8.0%	$14.52	$20.75	$27.98	$36.34	$45.96
9.0%	$9.80	$14.99	$21.00	$27.94	$35.92
10.0%	$6.34	$10.76	$15.89	$21.79	$28.57
11.0%	$3.69	$7.53	$11.98	$17.09	$22.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-5.43

Book Value / share($)Yahoo: $15.99

Results

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

Graham Number—

Current Price$19.63

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.82%

Terminal growth rate(%)

Computed WACC: 7.82%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)7.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.37%

Debt weight (D/V)48.63%

Results

Current Price$19.63

Implied Near-term FCF Growth1.1%

Historical Revenue Growth-0.5%

Historical Earnings Growth—

Base FCF (TTM)$99.25M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$19.63

Upside / Downside-66.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $221.90M

Target EV/EBITDA multipleCurrent: 7.7×

Net Debt($B)Default: $777.72M

Results

Implied Equity Value / share$20.10

Current Price$19.63

Upside / Downside+2.4%

Implied EV$1.70B

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

Mult \ Net Debt	-$1.22B	-$222.28M	$777.72M	$1.78B	$2.78B
3.7x	$44.32	$22.55	$0.78	$-20.99	$-42.76
5.7x	$53.98	$32.21	$10.44	$-11.33	$-33.10
7.7x	$63.64	$41.87	$20.10	$-1.67	$-23.44
9.7x	$73.30	$51.53	$29.76	$7.99	$-13.78
11.7x	$82.96	$61.19	$39.42	$17.65	$-4.11

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