PAYO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.58)
DCF	$-1.71	-137.4%
Graham Number	$2.47	-46.0%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$4.47	-2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$5.91M

Near-term growth (yrs 1–5)(%)Rev: 47.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.95%

Computed WACC: 9.95%

Cost of equity (Re)10.03%(Rf 4.30% + β 1.04 × 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)99.17%

Debt weight (D/V)0.83%

Results

Intrinsic Value / share$-1.22

Current Price$4.58

Upside / Downside-126.7%

Net Debt (used)-$452.26M

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

WACC \ Near-term	39.0%	43.0%	47.0%	51.0%	55.0%
7.0%	$-2.32	$-2.86	$-3.47	$-4.14	$-4.89
8.0%	$-1.53	$-1.95	$-2.42	$-2.95	$-3.53
9.0%	$-0.99	$-1.33	$-1.71	$-2.14	$-2.61
10.0%	$-0.61	$-0.89	$-1.20	$-1.55	$-1.94
11.0%	$-0.31	$-0.55	$-0.82	$-1.11	$-1.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.19

Book Value / share($)Yahoo: $1.43

Results

Graham Number$2.47

Current Price$4.58

Margin of Safety-46.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.95%

Terminal growth rate(%)

Computed WACC: 9.95%

Cost of equity (Re)10.03%(Rf 4.30% + β 1.04 × 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)99.17%

Debt weight (D/V)0.83%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$4.58

Implied Near-term FCF Growth—

Historical Revenue Growth47.0%

Historical Earnings Growth—

Base FCF (TTM)-$5.91M

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$4.58

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $190.29M

Target EV/EBITDA multipleCurrent: 5.8×

Net Debt($B)Default: -$452.26M

Results

Implied Equity Value / share$4.47

Current Price$4.58

Upside / Downside-2.4%

Implied EV$1.11B

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

Mult \ Net Debt	-$2.45B	-$1.45B	-$452.26M	$547.74M	$1.55B
1.8x	$8.02	$5.16	$2.29	$-0.58	$-3.45
3.8x	$9.11	$6.25	$3.38	$0.51	$-2.36
5.8x	$10.21	$7.34	$4.47	$1.60	$-1.26
7.8x	$11.30	$8.43	$5.56	$2.69	$-0.17
9.8x	$12.39	$9.52	$6.65	$3.79	$0.92

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