ONIT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($42.55)
DCF	$-5857.66	-13866.5%
Graham Number	$190.07	+346.7%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$48.43	+13.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$514.40M

Near-term growth (yrs 1–5)(%)Rev: 29.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.93%

Computed WACC: 1.93%

Cost of equity (Re)12.83%(Rf 4.30% + β 1.55 × ERP 5.50%)

Cost of debt (Rd)2.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)2.41%

Debt weight (D/V)97.59%

Results

Intrinsic Value / share—

Current Price$42.55

Upside / Downside—

Net Debt (used)$14.50B

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

WACC \ Near-term	21.0%	25.0%	29.0%	33.0%	37.0%
7.0%	$-6400.00	$-7201.18	$-8109.76	$-9136.31	$-10292.01
8.0%	$-5428.84	$-6059.08	$-6773.45	$-7580.18	$-8488.02
9.0%	$-4763.04	$-5276.26	$-5857.66	$-6513.93	$-7252.12
10.0%	$-4280.01	$-4708.45	$-5193.56	$-5740.85	$-6356.19
11.0%	$-3914.87	$-4279.34	$-4691.79	$-5156.87	$-5679.54

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $21.79

Book Value / share($)Yahoo: $73.68

Results

Graham Number$190.07

Current Price$42.55

Margin of Safety+346.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.93%

Terminal growth rate(%)

Computed WACC: 1.93%

Cost of equity (Re)12.83%(Rf 4.30% + β 1.55 × ERP 5.50%)

Cost of debt (Rd)2.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)2.41%

Debt weight (D/V)97.59%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$42.55

Implied Near-term FCF Growth—

Historical Revenue Growth29.0%

Historical Earnings Growth—

Base FCF (TTM)-$514.40M

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$42.55

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $580.40M

Target EV/EBITDA multipleCurrent: 25.7×

Net Debt($B)Default: $14.50B

Results

Implied Equity Value / share$48.43

Current Price$42.55

Upside / Downside+13.8%

Implied EV$14.92B

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

Mult \ Net Debt	$6.50B	$10.50B	$14.50B	$18.50B	$22.50B
21.7x	$714.78	$245.38	$-224.01	$-693.40	$-1162.80
23.7x	$851.00	$381.60	$-87.79	$-557.18	$-1026.58
25.7x	$987.21	$517.82	$48.43	$-420.97	$-890.36
27.7x	$1123.43	$654.04	$184.65	$-284.75	$-754.14
29.7x	$1259.65	$790.26	$320.86	$-148.53	$-617.92

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