OSPN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.48)
DCF	$302.72	+2788.6%
Graham Number	$15.62	+49.0%
Reverse DCF	—	implied g: -6.8%
DDM	$10.09	-3.7%
EV/EBITDA	$10.33	-1.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $38.48M

Near-term growth (yrs 1–5)(%)Rev: 2.9% / EPS: 57.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.48%

Computed WACC: 12.48%

Cost of equity (Re)12.74%(Rf 4.30% + β 1.53 × 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)97.95%

Debt weight (D/V)2.05%

Results

Intrinsic Value / share$167.91

Current Price$10.48

Upside / Downside+1502.2%

Net Debt (used)-$62.10M

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

WACC \ Near-term	49.4%	53.4%	57.4%	61.4%	65.4%
7.0%	$373.30	$425.18	$482.73	$546.39	$616.65
8.0%	$290.80	$331.04	$375.67	$425.03	$479.51
9.0%	$234.58	$266.89	$302.72	$342.35	$386.07
10.0%	$194.06	$220.66	$250.16	$282.77	$318.75
11.0%	$163.65	$185.97	$210.72	$238.07	$268.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.49

Book Value / share($)Yahoo: $7.28

Results

Graham Number$15.62

Current Price$10.48

Margin of Safety+49.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.48%

Terminal growth rate(%)

Computed WACC: 12.48%

Cost of equity (Re)12.74%(Rf 4.30% + β 1.53 × 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)97.95%

Debt weight (D/V)2.05%

Results

Current Price$10.48

Implied Near-term FCF Growth0.1%

Historical Revenue Growth2.9%

Historical Earnings Growth57.4%

Base FCF (TTM)$38.48M

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: $0.49

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.09

Current Price$10.48

Upside / Downside-3.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $60.94M

Target EV/EBITDA multipleCurrent: 5.4×

Net Debt($B)Default: -$62.10M

Results

Implied Equity Value / share$10.33

Current Price$10.48

Upside / Downside-1.5%

Implied EV$330.56M

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

Mult \ Net Debt	-$2.06B	-$1.06B	-$62.10M	$937.90M	$1.94B
1.4x	$56.51	$30.21	$3.92	$-22.38	$-48.68
3.4x	$59.71	$33.42	$7.12	$-19.18	$-45.47
5.4x	$62.92	$36.62	$10.33	$-15.97	$-42.27
7.4x	$66.13	$39.83	$13.53	$-12.77	$-39.06
9.4x	$69.33	$43.03	$16.74	$-9.56	$-35.86

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