OCUL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.98)
DCF	$-7.31	-166.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$128.28M

Near-term growth (yrs 1–5)(%)Rev: -22.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.24%

Computed WACC: 9.24%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)1.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.88%

Debt weight (D/V)3.12%

Results

Intrinsic Value / share$-6.94

Current Price$10.98

Upside / Downside-163.2%

Net Debt (used)-$660.09M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-7.40	$-9.51	$-11.97	$-14.81	$-18.08
8.0%	$-5.55	$-7.24	$-9.22	$-11.50	$-14.12
9.0%	$-4.26	$-5.67	$-7.31	$-9.21	$-11.38
10.0%	$-3.31	$-4.52	$-5.92	$-7.53	$-9.38
11.0%	$-2.59	$-3.64	$-4.85	$-6.25	$-7.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.42

Book Value / share($)Yahoo: $3.03

Results

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

Graham Number—

Current Price$10.98

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.24%

Terminal growth rate(%)

Computed WACC: 9.24%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)1.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.88%

Debt weight (D/V)3.12%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$10.98

Implied Near-term FCF Growth—

Historical Revenue Growth-22.4%

Historical Earnings Growth—

Base FCF (TTM)-$128.28M

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$10.98

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$265.69M

Target EV/EBITDA multipleCurrent: -6.5×

Net Debt($B)Default: -$660.09M

Results

Implied Equity Value / share$10.98

Current Price$10.98

Upside / Downside+0.0%

Implied EV$1.73B

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