OFS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.20)
DCF	$-21.96	-622.9%
Graham Number	$7.41	+76.5%
Reverse DCF	—	—
DDM	$14.01	+233.5%
EV/EBITDA	$4.20	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$3.60M

Near-term growth (yrs 1–5)(%)Rev: -3.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.25%

Computed WACC: 6.25%

Cost of equity (Re)9.10%(Rf 4.30% + β 0.87 × ERP 5.50%)

Cost of debt (Rd)7.05%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)19.25%

Debt weight (D/V)80.75%

Results

Intrinsic Value / share$-25.46

Current Price$4.20

Upside / Downside-706.3%

Net Debt (used)$231.07M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-22.00	$-22.97	$-24.08	$-25.38	$-26.87
8.0%	$-21.16	$-21.93	$-22.83	$-23.87	$-25.07
9.0%	$-20.57	$-21.22	$-21.96	$-22.83	$-23.82
10.0%	$-20.14	$-20.69	$-21.33	$-22.06	$-22.90
11.0%	$-19.81	$-20.29	$-20.84	$-21.48	$-22.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.24

Book Value / share($)Yahoo: $10.17

Results

Graham Number$7.41

Current Price$4.20

Margin of Safety+76.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.25%

Terminal growth rate(%)

Computed WACC: 6.25%

Cost of equity (Re)9.10%(Rf 4.30% + β 0.87 × ERP 5.50%)

Cost of debt (Rd)7.05%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)19.25%

Debt weight (D/V)80.75%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$4.20

Implied Near-term FCF Growth—

Historical Revenue Growth-3.4%

Historical Earnings Growth—

Base FCF (TTM)-$3.60M

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: $0.68

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.01

Current Price$4.20

Upside / Downside+233.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $29.99M

Target EV/EBITDA multipleCurrent: 9.6×

Net Debt($B)Default: $231.07M

Results

Implied Equity Value / share$4.20

Current Price$4.20

Upside / Downside+0.0%

Implied EV$287.35M

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

Mult \ Net Debt	-$1.77B	-$768.93M	$231.07M	$1.23B	$2.23B
5.6x	$144.52	$69.88	$-4.75	$-79.39	$-154.03
7.6x	$149.00	$74.36	$-0.28	$-74.91	$-149.55
9.6x	$153.48	$78.84	$4.20	$-70.44	$-145.07
11.6x	$157.95	$83.32	$8.68	$-65.96	$-140.60
13.6x	$162.43	$87.79	$13.16	$-61.48	$-136.12

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