OCSL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.34)
DCF	$18.78	+65.6%
Graham Number	$11.49	+1.3%
Reverse DCF	—	implied g: 1.1%
DDM	$32.96	+190.7%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $181.58M

Near-term growth (yrs 1–5)(%)Rev: -13.3% / EPS: -27.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.45%

Computed WACC: 6.45%

Cost of equity (Re)7.40%(Rf 4.30% + β 0.56 × ERP 5.50%)

Cost of debt (Rd)7.41%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)38.23%

Debt weight (D/V)61.77%

Results

Intrinsic Value / share$42.43

Current Price$11.34

Upside / Downside+274.2%

Net Debt (used)$1.53B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$19.09	$26.47	$35.06	$45.00	$56.45
8.0%	$12.60	$18.54	$25.44	$33.42	$42.59
9.0%	$8.10	$13.04	$18.78	$25.40	$33.01
10.0%	$4.79	$9.01	$13.90	$19.53	$26.00
11.0%	$2.26	$5.93	$10.17	$15.05	$20.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.36

Book Value / share($)Yahoo: $16.30

Results

Graham Number$11.49

Current Price$11.34

Margin of Safety+1.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.45%

Terminal growth rate(%)

Computed WACC: 6.45%

Cost of equity (Re)7.40%(Rf 4.30% + β 0.56 × ERP 5.50%)

Cost of debt (Rd)7.41%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)38.23%

Debt weight (D/V)61.77%

Results

Current Price$11.34

Implied Near-term FCF Growth-6.4%

Historical Revenue Growth-13.3%

Historical Earnings Growth-27.7%

Base FCF (TTM)$181.58M

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: $1.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.96

Current Price$11.34

Upside / Downside+190.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $1.53B

Results

Implied Equity Value / share$-17.41

Current Price$11.34

Upside / Downside-253.5%

Implied EV$0

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