PIII — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.32)
DCF	$-348.30	-15113.1%
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: -$51.90M

Near-term growth (yrs 1–5)(%)Rev: -4.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.74%

Computed WACC: 5.74%

Cost of equity (Re)8.96%(Rf 4.30% + β 0.85 × 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)64.01%

Debt weight (D/V)35.99%

Results

Intrinsic Value / share$-632.28

Current Price$2.32

Upside / Downside-27353.5%

Net Debt (used)$227.25M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-350.70	$-407.56	$-473.71	$-550.26	$-638.44
8.0%	$-300.67	$-346.43	$-399.59	$-461.04	$-531.73
9.0%	$-266.00	$-304.11	$-348.30	$-399.32	$-457.95
10.0%	$-240.55	$-273.06	$-310.71	$-354.11	$-403.92
11.0%	$-221.06	$-249.31	$-281.97	$-319.58	$-362.69

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-57.16

Book Value / share($)Yahoo: $-5.72

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$2.32

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.74%

Terminal growth rate(%)

Computed WACC: 5.74%

Cost of equity (Re)8.96%(Rf 4.30% + β 0.85 × 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)64.01%

Debt weight (D/V)35.99%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.32

Implied Near-term FCF Growth—

Historical Revenue Growth-4.7%

Historical Earnings Growth—

Base FCF (TTM)-$51.90M

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$2.32

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$168.76M

Target EV/EBITDA multipleCurrent: -1.6×

Net Debt($B)Default: $227.25M

Results

Implied Equity Value / share$13.71

Current Price$2.32

Upside / Downside+490.7%

Implied EV$272.04M

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