OPAL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.09)
DCF	$-82.92	-4067.3%
Graham Number	$0.34	-83.7%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$18.48	+784.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$118.47M

Near-term growth (yrs 1–5)(%)Rev: -0.8% / EPS: -41.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.16%

Computed WACC: 5.16%

Cost of equity (Re)10.21%(Rf 4.30% + β 1.07 × 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)50.55%

Debt weight (D/V)49.45%

Results

Intrinsic Value / share$-187.76

Current Price$2.09

Upside / Downside-9083.8%

Net Debt (used)$324.43M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-83.53	$-98.16	$-115.18	$-134.88	$-157.57
8.0%	$-70.66	$-82.43	$-96.11	$-111.92	$-130.11
9.0%	$-61.74	$-71.54	$-82.92	$-96.04	$-111.13
10.0%	$-55.19	$-63.56	$-73.24	$-84.41	$-97.23
11.0%	$-50.18	$-57.44	$-65.85	$-75.52	$-86.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.02

Book Value / share($)Yahoo: $0.26

Results

Graham Number$0.34

Current Price$2.09

Margin of Safety-83.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.16%

Terminal growth rate(%)

Computed WACC: 5.16%

Cost of equity (Re)10.21%(Rf 4.30% + β 1.07 × 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)50.55%

Debt weight (D/V)49.45%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.09

Implied Near-term FCF Growth—

Historical Revenue Growth-0.8%

Historical Earnings Growth-41.3%

Base FCF (TTM)-$118.47M

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$2.09

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $21.18M

Target EV/EBITDA multipleCurrent: 40.6×

Net Debt($B)Default: $324.43M

Results

Implied Equity Value / share$18.48

Current Price$2.09

Upside / Downside+784.3%

Implied EV$860.34M

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

Mult \ Net Debt	-$1.68B	-$675.57M	$324.43M	$1.32B	$2.32B
36.6x	$84.53	$50.05	$15.56	$-18.93	$-53.41
38.6x	$86.00	$51.51	$17.02	$-17.47	$-51.95
40.6x	$87.46	$52.97	$18.48	$-16.01	$-50.49
42.6x	$88.92	$54.43	$19.94	$-14.54	$-49.03
44.6x	$90.38	$55.89	$21.40	$-13.08	$-47.57

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