ORN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.72)
DCF	$-1.98	-114.4%
Graham Number	$4.90	-64.3%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$13.66	-0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$145,000

Near-term growth (yrs 1–5)(%)Rev: -0.7% / EPS: -33.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.36%

Computed WACC: 9.36%

Cost of equity (Re)10.75%(Rf 4.30% + β 1.17 × 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)87.06%

Debt weight (D/V)12.94%

Results

Intrinsic Value / share$-1.98

Current Price$13.72

Upside / Downside-114.4%

Net Debt (used)$76.85M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-1.98	$-1.99	$-2.01	$-2.03	$-2.05
8.0%	$-1.97	$-1.98	$-1.99	$-2.01	$-2.02
9.0%	$-1.96	$-1.97	$-1.98	$-1.99	$-2.01
10.0%	$-1.96	$-1.96	$-1.97	$-1.98	$-1.99
11.0%	$-1.95	$-1.96	$-1.97	$-1.97	$-1.98

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.27

Book Value / share($)Yahoo: $3.96

Results

Graham Number$4.90

Current Price$13.72

Margin of Safety-64.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.36%

Terminal growth rate(%)

Computed WACC: 9.36%

Cost of equity (Re)10.75%(Rf 4.30% + β 1.17 × 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)87.06%

Debt weight (D/V)12.94%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$13.72

Implied Near-term FCF Growth—

Historical Revenue Growth-0.7%

Historical Earnings Growth-33.3%

Base FCF (TTM)-$145,000

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$13.72

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $38.64M

Target EV/EBITDA multipleCurrent: 16.2×

Net Debt($B)Default: $76.85M

Results

Implied Equity Value / share$13.66

Current Price$13.72

Upside / Downside-0.5%

Implied EV$624.29M

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

Mult \ Net Debt	-$1.92B	-$923.15M	$76.85M	$1.08B	$2.08B
12.2x	$59.70	$34.75	$9.80	$-15.15	$-40.09
14.2x	$61.63	$36.68	$11.73	$-13.22	$-38.17
16.2x	$63.55	$38.61	$13.66	$-11.29	$-36.24
18.2x	$65.48	$40.53	$15.59	$-9.36	$-34.31
20.2x	$67.41	$42.46	$17.51	$-7.43	$-32.38

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