PNNT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.03)
DCF	$29.37	+483.9%
Graham Number	$7.84	+55.8%
Reverse DCF	—	implied g: -12.4%
DDM	$19.78	+293.2%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $141.33M

Near-term growth (yrs 1–5)(%)Rev: -20.3% / EPS: -44.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.30%

Computed WACC: 6.30%

Cost of equity (Re)8.06%(Rf 4.30% + β 0.68 × ERP 5.50%)

Cost of debt (Rd)6.78%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)35.02%

Debt weight (D/V)64.98%

Results

Intrinsic Value / share$56.70

Current Price$5.03

Upside / Downside+1027.3%

Net Debt (used)$563.45M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$29.70	$37.45	$46.46	$56.90	$68.92
8.0%	$22.88	$29.12	$36.36	$44.74	$54.37
9.0%	$18.15	$23.35	$29.37	$36.32	$44.32
10.0%	$14.68	$19.11	$24.25	$30.16	$36.95
11.0%	$12.03	$15.88	$20.33	$25.45	$31.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.39

Book Value / share($)Yahoo: $7.00

Results

Graham Number$7.84

Current Price$5.03

Margin of Safety+55.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.30%

Terminal growth rate(%)

Computed WACC: 6.30%

Cost of equity (Re)8.06%(Rf 4.30% + β 0.68 × ERP 5.50%)

Cost of debt (Rd)6.78%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)35.02%

Debt weight (D/V)64.98%

Results

Current Price$5.03

Implied Near-term FCF Growth-19.0%

Historical Revenue Growth-20.3%

Historical Earnings Growth-44.3%

Base FCF (TTM)$141.33M

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: $0.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.78

Current Price$5.03

Upside / Downside+293.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $563.45M

Results

Implied Equity Value / share$-8.63

Current Price$5.03

Upside / Downside-271.6%

Implied EV$0

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