PANL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.98)
DCF	$341.25	+3700.2%
Graham Number	$6.60	-26.5%
Reverse DCF	—	implied g: 10.1%
DDM	$4.12	-54.1%
EV/EBITDA	$10.02	+11.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $36.86M

Near-term growth (yrs 1–5)(%)Rev: 10.2% / EPS: 72.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.23%

Computed WACC: 9.23%

Cost of equity (Re)8.44%(Rf 4.30% + β 0.75 × ERP 5.50%)

Cost of debt (Rd)13.20%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.49%

Debt weight (D/V)39.51%

Results

Intrinsic Value / share$325.80

Current Price$8.98

Upside / Downside+3528.1%

Net Debt (used)$288.62M

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

WACC \ Near-term	64.7%	68.7%	72.7%	76.7%	80.7%
7.0%	$437.64	$493.61	$555.12	$622.58	$696.40
8.0%	$337.48	$380.68	$428.16	$480.23	$537.21
9.0%	$269.35	$303.88	$341.83	$383.43	$428.95
10.0%	$220.36	$248.66	$279.74	$313.83	$351.11
11.0%	$183.69	$207.31	$233.27	$261.72	$292.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.30

Book Value / share($)Yahoo: $6.45

Results

Graham Number$6.60

Current Price$8.98

Margin of Safety-26.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.23%

Terminal growth rate(%)

Computed WACC: 9.23%

Cost of equity (Re)8.44%(Rf 4.30% + β 0.75 × ERP 5.50%)

Cost of debt (Rd)13.20%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.49%

Debt weight (D/V)39.51%

Results

Current Price$8.98

Implied Near-term FCF Growth10.7%

Historical Revenue Growth10.2%

Historical Earnings Growth72.7%

Base FCF (TTM)$36.86M

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$8.98

Upside / Downside-54.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $76.50M

Target EV/EBITDA multipleCurrent: 12.3×

Net Debt($B)Default: $288.62M

Results

Implied Equity Value / share$10.02

Current Price$8.98

Upside / Downside+11.6%

Implied EV$939.50M

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

Mult \ Net Debt	-$1.71B	-$711.38M	$288.62M	$1.29B	$2.29B
8.3x	$36.09	$20.70	$5.31	$-10.08	$-25.47
10.3x	$38.44	$23.05	$7.66	$-7.73	$-23.12
12.3x	$40.80	$25.41	$10.02	$-5.37	$-20.76
14.3x	$43.15	$27.76	$12.37	$-3.02	$-18.41
16.3x	$45.51	$30.12	$14.73	$-0.66	$-16.05

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