PAYS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.63)
DCF	$-14.75	-506.3%
Graham Number	$1.56	-57.1%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$3.63	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$4.18M

Near-term growth (yrs 1–5)(%)Rev: 41.6% / EPS: 48.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.59%

Computed WACC: 9.59%

Cost of equity (Re)9.88%(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)97.05%

Debt weight (D/V)2.95%

Results

Intrinsic Value / share$-13.16

Current Price$3.63

Upside / Downside-462.7%

Net Debt (used)-$1.45M

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

WACC \ Near-term	40.8%	44.8%	48.8%	52.8%	56.8%
7.0%	$-17.80	$-20.44	$-23.39	$-26.66	$-30.30
8.0%	$-13.91	$-15.96	$-18.25	$-20.80	$-23.63
9.0%	$-11.25	$-12.90	$-14.75	$-16.80	$-19.08
10.0%	$-9.33	$-10.70	$-12.22	$-13.91	$-15.79
11.0%	$-7.89	$-9.04	$-10.32	$-11.74	$-13.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.13

Book Value / share($)Yahoo: $0.83

Results

Graham Number$1.56

Current Price$3.63

Margin of Safety-57.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.59%

Terminal growth rate(%)

Computed WACC: 9.59%

Cost of equity (Re)9.88%(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)97.05%

Debt weight (D/V)2.95%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.63

Implied Near-term FCF Growth—

Historical Revenue Growth41.6%

Historical Earnings Growth48.8%

Base FCF (TTM)-$4.18M

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$3.63

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $13.79M

Target EV/EBITDA multipleCurrent: 14.4×

Net Debt($B)Default: -$1.45M

Results

Implied Equity Value / share$3.63

Current Price$3.63

Upside / Downside-0.0%

Implied EV$198.35M

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

Mult \ Net Debt	-$2.00B	-$1.00B	-$1.45M	$998.55M	$2.00B
10.4x	$38.96	$20.80	$2.63	$-15.54	$-33.71
12.4x	$39.46	$21.30	$3.13	$-15.04	$-33.21
14.4x	$39.97	$21.80	$3.63	$-14.54	$-32.71
16.4x	$40.47	$22.30	$4.13	$-14.04	$-32.20
18.4x	$40.97	$22.80	$4.63	$-13.54	$-31.70

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