OLN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($25.41)
DCF	$31.48	+23.9%
Graham Number	—	—
Reverse DCF	—	implied g: 3.1%
DDM	$16.48	-35.1%
EV/EBITDA	$25.69	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $373.02M

Near-term growth (yrs 1–5)(%)Rev: -0.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.75%

Computed WACC: 8.75%

Cost of equity (Re)12.58%(Rf 4.30% + β 1.51 × ERP 5.50%)

Cost of debt (Rd)6.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)47.91%

Debt weight (D/V)52.09%

Results

Intrinsic Value / share$33.81

Current Price$25.41

Upside / Downside+33.1%

Net Debt (used)$2.97B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$31.97	$43.73	$57.40	$73.23	$91.46
8.0%	$21.63	$31.09	$42.08	$54.78	$69.40
9.0%	$14.46	$22.34	$31.48	$42.02	$54.14
10.0%	$9.20	$15.92	$23.71	$32.68	$42.98
11.0%	$5.17	$11.01	$17.76	$25.54	$34.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.88

Book Value / share($)Yahoo: $16.19

Results

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

Graham Number—

Current Price$25.41

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.75%

Terminal growth rate(%)

Computed WACC: 8.75%

Cost of equity (Re)12.58%(Rf 4.30% + β 1.51 × ERP 5.50%)

Cost of debt (Rd)6.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)47.91%

Debt weight (D/V)52.09%

Results

Current Price$25.41

Implied Near-term FCF Growth2.5%

Historical Revenue Growth-0.4%

Historical Earnings Growth—

Base FCF (TTM)$373.02M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$25.41

Upside / Downside-35.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $654.90M

Target EV/EBITDA multipleCurrent: 9.0×

Net Debt($B)Default: $2.97B

Results

Implied Equity Value / share$25.69

Current Price$25.41

Upside / Downside+1.1%

Implied EV$5.89B

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

Mult \ Net Debt	$971.90M	$1.97B	$2.97B	$3.97B	$4.97B
5.0x	$20.23	$11.43	$2.63	$-6.17	$-14.97
7.0x	$31.76	$22.96	$14.16	$5.36	$-3.44
9.0x	$43.29	$34.49	$25.69	$16.89	$8.09
11.0x	$54.81	$46.01	$37.21	$28.41	$19.61
13.0x	$66.34	$57.54	$48.74	$39.94	$31.14

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