OSW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.49)
DCF	$12.85	-37.3%
Graham Number	$9.11	-55.5%
Reverse DCF	—	implied g: 19.3%
DDM	$4.12	-79.9%
EV/EBITDA	$21.04	+2.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $53.88M

Near-term growth (yrs 1–5)(%)Rev: 11.5% / EPS: -9.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.44%

Computed WACC: 9.44%

Cost of equity (Re)9.87%(Rf 4.30% + β 1.01 × 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)95.67%

Debt weight (D/V)4.33%

Results

Intrinsic Value / share$11.95

Current Price$20.49

Upside / Downside-41.7%

Net Debt (used)$78.13M

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

WACC \ Near-term	3.5%	7.5%	11.5%	15.5%	19.5%
7.0%	$13.49	$16.25	$19.44	$23.11	$27.30
8.0%	$10.81	$13.01	$15.56	$18.48	$21.82
9.0%	$8.95	$10.78	$12.88	$15.29	$18.04
10.0%	$7.60	$9.14	$10.92	$12.96	$15.28
11.0%	$6.57	$7.90	$9.43	$11.18	$13.18

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.69

Book Value / share($)Yahoo: $5.35

Results

Graham Number$9.11

Current Price$20.49

Margin of Safety-55.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.44%

Terminal growth rate(%)

Computed WACC: 9.44%

Cost of equity (Re)9.87%(Rf 4.30% + β 1.01 × 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)95.67%

Debt weight (D/V)4.33%

Results

Current Price$20.49

Implied Near-term FCF Growth20.6%

Historical Revenue Growth11.5%

Historical Earnings Growth-9.1%

Base FCF (TTM)$53.88M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$20.49

Upside / Downside-79.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $115.67M

Target EV/EBITDA multipleCurrent: 19.1×

Net Debt($B)Default: $78.13M

Results

Implied Equity Value / share$21.04

Current Price$20.49

Upside / Downside+2.7%

Implied EV$2.21B

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

Mult \ Net Debt	-$1.92B	-$921.87M	$78.13M	$1.08B	$2.08B
15.1x	$36.19	$26.34	$16.48	$6.62	$-3.23
17.1x	$38.47	$28.62	$18.76	$8.90	$-0.95
19.1x	$40.75	$30.90	$21.04	$11.18	$1.33
21.1x	$43.03	$33.18	$23.32	$13.46	$3.61
23.1x	$45.31	$35.46	$25.60	$15.74	$5.89

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