ONL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.52)
DCF	$-10.52	-517.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	$1.65	-34.6%
EV/EBITDA	$2.54	+0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$7.62M

Near-term growth (yrs 1–5)(%)Rev: -5.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.67%

Computed WACC: 2.67%

Cost of equity (Re)11.90%(Rf 4.30% + β 1.38 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)22.40%

Debt weight (D/V)77.60%

Results

Intrinsic Value / share$-100.10

Current Price$2.52

Upside / Downside-4072.2%

Net Debt (used)$458.99M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-10.55	$-11.03	$-11.59	$-12.24	$-13.00
8.0%	$-10.12	$-10.51	$-10.96	$-11.49	$-12.09
9.0%	$-9.82	$-10.15	$-10.52	$-10.96	$-11.46
10.0%	$-9.61	$-9.88	$-10.20	$-10.57	$-11.00
11.0%	$-9.44	$-9.68	$-9.96	$-10.28	$-10.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.42

Book Value / share($)Yahoo: $11.70

Results

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

Graham Number—

Current Price$2.52

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.67%

Terminal growth rate(%)

Computed WACC: 2.67%

Cost of equity (Re)11.90%(Rf 4.30% + β 1.38 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)22.40%

Debt weight (D/V)77.60%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.52

Implied Near-term FCF Growth—

Historical Revenue Growth-5.4%

Historical Earnings Growth—

Base FCF (TTM)-$7.62M

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: $0.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$1.65

Current Price$2.52

Upside / Downside-34.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $61.41M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $458.99M

Results

Implied Equity Value / share$2.54

Current Price$2.52

Upside / Downside+0.9%

Implied EV$602.19M

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

Mult \ Net Debt	-$1.54B	-$541.01M	$458.99M	$1.46B	$2.46B
5.8x	$33.70	$15.94	$-1.82	$-19.58	$-37.33
7.8x	$35.88	$18.12	$0.36	$-17.40	$-35.15
9.8x	$38.06	$20.30	$2.54	$-15.21	$-32.97
11.8x	$40.24	$22.48	$4.72	$-13.03	$-30.79
13.8x	$42.42	$24.66	$6.90	$-10.85	$-28.61

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