PHAT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.46)
DCF	$-2135.61	-18735.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$107.86M

Near-term growth (yrs 1–5)(%)Rev: 94.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.24%

Computed WACC: 4.24%

Cost of equity (Re)7.03%(Rf 4.30% + β 0.50 × 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)60.28%

Debt weight (D/V)39.72%

Results

Intrinsic Value / share$-10724.57

Current Price$11.46

Upside / Downside-93682.6%

Net Debt (used)$459.20M

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

WACC \ Near-term	86.1%	90.1%	94.1%	98.1%	102.1%
7.0%	$-2822.16	$-3136.98	$-3479.38	$-3851.13	$-4254.08
8.0%	$-2171.94	$-2413.84	$-2676.92	$-2962.53	$-3272.11
9.0%	$-1730.59	$-1923.00	$-2132.25	$-2359.40	$-2605.61
10.0%	$-1413.91	$-1570.81	$-1741.43	$-1926.66	$-2127.40
11.0%	$-1177.36	$-1307.75	$-1449.53	$-1603.44	$-1770.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-3.76

Book Value / share($)Yahoo: $-6.13

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative. BVPS is zero or negative.

Graham Number—

Current Price$11.46

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.24%

Terminal growth rate(%)

Computed WACC: 4.24%

Cost of equity (Re)7.03%(Rf 4.30% + β 0.50 × 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)60.28%

Debt weight (D/V)39.72%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$11.46

Implied Near-term FCF Growth—

Historical Revenue Growth94.1%

Historical Earnings Growth—

Base FCF (TTM)-$107.86M

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: —

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$11.46

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$159.35M

Target EV/EBITDA multipleCurrent: -8.5×

Net Debt($B)Default: $459.20M

Results

Implied Equity Value / share$11.58

Current Price$11.46

Upside / Downside+1.0%

Implied EV$1.36B

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