PATH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.79)
DCF	$33.05	+206.5%
Graham Number	$5.83	-45.9%
Reverse DCF	—	implied g: -7.0%
DDM	—	—
EV/EBITDA	$12.46	+15.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $420.57M

Near-term growth (yrs 1–5)(%)Rev: 15.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.05%

Computed WACC: 10.05%

Cost of equity (Re)10.20%(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)98.60%

Debt weight (D/V)1.40%

Results

Intrinsic Value / share$28.43

Current Price$10.79

Upside / Downside+163.6%

Net Debt (used)-$1.32B

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

WACC \ Near-term	7.9%	11.9%	15.9%	19.9%	23.9%
7.0%	$35.17	$41.23	$48.20	$56.17	$65.26
8.0%	$28.90	$33.72	$39.26	$45.59	$52.79
9.0%	$24.59	$28.55	$33.10	$38.30	$44.21
10.0%	$21.44	$24.79	$28.62	$32.99	$37.96
11.0%	$19.05	$21.92	$25.21	$28.96	$33.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.42

Book Value / share($)Yahoo: $3.60

Results

Graham Number$5.83

Current Price$10.79

Margin of Safety-45.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.05%

Terminal growth rate(%)

Computed WACC: 10.05%

Cost of equity (Re)10.20%(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)98.60%

Debt weight (D/V)1.40%

Results

Current Price$10.79

Implied Near-term FCF Growth-4.7%

Historical Revenue Growth15.9%

Historical Earnings Growth—

Base FCF (TTM)$420.57M

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$10.79

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $36.38M

Target EV/EBITDA multipleCurrent: 121.6×

Net Debt($B)Default: -$1.32B

Results

Implied Equity Value / share$12.46

Current Price$10.79

Upside / Downside+15.5%

Implied EV$4.42B

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

Mult \ Net Debt	-$1.32B	-$1.32B	-$1.32B	-$1.32B	-$1.32B
117.6x	$12.15	$12.15	$12.15	$12.15	$12.15
119.6x	$12.30	$12.30	$12.30	$12.30	$12.30
121.6x	$12.46	$12.46	$12.46	$12.46	$12.46
123.6x	$12.62	$12.62	$12.62	$12.62	$12.62
125.6x	$12.78	$12.78	$12.78	$12.78	$12.78

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