PKST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.85)
DCF	$486.02	+2231.1%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	$8.24	-60.5%
EV/EBITDA	$21.75	+4.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.05B

Near-term growth (yrs 1–5)(%)Rev: -12.8% / EPS: -73.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.54%

Computed WACC: 8.54%

Cost of equity (Re)13.81%(Rf 4.30% + β 1.73 × 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)61.87%

Debt weight (D/V)38.13%

Results

Intrinsic Value / share$524.18

Current Price$20.85

Upside / Downside+2414.0%

Net Debt (used)$339.11M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$490.28	$591.27	$708.76	$844.74	$1001.36
8.0%	$401.42	$482.70	$577.12	$686.26	$811.81
9.0%	$339.84	$407.52	$486.02	$576.64	$680.77
10.0%	$294.63	$352.37	$419.25	$496.34	$584.82
11.0%	$260.02	$310.19	$368.21	$435.00	$511.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.11

Book Value / share($)Yahoo: $20.05

Results

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

Graham Number—

Current Price$20.85

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.54%

Terminal growth rate(%)

Computed WACC: 8.54%

Cost of equity (Re)13.81%(Rf 4.30% + β 1.73 × 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)61.87%

Debt weight (D/V)38.13%

Results

Current Price$20.85

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-12.8%

Historical Earnings Growth-73.0%

Base FCF (TTM)$1.05B

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$20.85

Upside / Downside-60.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $46.78M

Target EV/EBITDA multipleCurrent: 24.5×

Net Debt($B)Default: $339.11M

Results

Implied Equity Value / share$21.75

Current Price$20.85

Upside / Downside+4.3%

Implied EV$1.15B

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

Mult \ Net Debt	-$1.66B	-$660.89M	$339.11M	$1.34B	$2.34B
20.5x	$70.51	$43.61	$16.71	$-10.19	$-37.08
22.5x	$73.03	$46.13	$19.23	$-7.67	$-34.57
24.5x	$75.55	$48.65	$21.75	$-5.15	$-32.05
26.5x	$78.06	$51.16	$24.26	$-2.63	$-29.53
28.5x	$80.58	$53.68	$26.78	$-0.12	$-27.02

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