PINE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.59)
DCF	$-291.83	-1589.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	$23.90	+22.0%
EV/EBITDA	$21.02	+7.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$83.62M

Near-term growth (yrs 1–5)(%)Rev: 22.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.46%

Computed WACC: 5.46%

Cost of equity (Re)7.51%(Rf 4.30% + β 0.58 × ERP 5.50%)

Cost of debt (Rd)4.79%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)44.97%

Debt weight (D/V)55.03%

Results

Intrinsic Value / share$-670.57

Current Price$19.59

Upside / Downside-3523.0%

Net Debt (used)$384.10M

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

WACC \ Near-term	14.5%	18.5%	22.5%	26.5%	30.5%
7.0%	$-319.22	$-371.78	$-431.75	$-499.92	$-577.09
8.0%	$-260.16	$-301.70	$-349.07	$-402.87	$-463.75
9.0%	$-219.58	$-253.56	$-292.29	$-336.25	$-385.96
10.0%	$-190.07	$-218.57	$-251.03	$-287.85	$-329.46
11.0%	$-167.71	$-192.06	$-219.78	$-251.20	$-286.69

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.22

Book Value / share($)Yahoo: $18.93

Results

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

Graham Number—

Current Price$19.59

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.46%

Terminal growth rate(%)

Computed WACC: 5.46%

Cost of equity (Re)7.51%(Rf 4.30% + β 0.58 × ERP 5.50%)

Cost of debt (Rd)4.79%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)44.97%

Debt weight (D/V)55.03%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$19.59

Implied Near-term FCF Growth—

Historical Revenue Growth22.5%

Historical Earnings Growth—

Base FCF (TTM)-$83.62M

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: $1.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.90

Current Price$19.59

Upside / Downside+22.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $44.45M

Target EV/EBITDA multipleCurrent: 15.8×

Net Debt($B)Default: $384.10M

Results

Implied Equity Value / share$21.02

Current Price$19.59

Upside / Downside+7.3%

Implied EV$701.08M

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

Mult \ Net Debt	-$1.62B	-$615.90M	$384.10M	$1.38B	$2.38B
11.8x	$141.83	$75.53	$9.23	$-57.07	$-123.37
13.8x	$147.72	$81.42	$15.12	$-51.18	$-117.48
15.8x	$153.62	$87.32	$21.02	$-45.28	$-111.58
17.8x	$159.51	$93.21	$26.91	$-39.39	$-105.69
19.8x	$165.41	$99.11	$32.81	$-33.49	$-99.79

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