PRGS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($38.56)
DCF	$45815271261562.53	+118815537503952.2%
Graham Number	$20.54	-46.7%
Reverse DCF	—	implied g: 0.2%
DDM	—	—
EV/EBITDA	$41.88	+8.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $223.11M

Near-term growth (yrs 1–5)(%)Rev: 17.5% / EPS: 2135.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.01%

Computed WACC: 4.01%

Cost of equity (Re)7.48%(Rf 4.30% + β 0.58 × 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)53.64%

Debt weight (D/V)46.36%

Results

Intrinsic Value / share$299208878884822.44

Current Price$38.56

Upside / Downside+775956636111991.3%

Net Debt (used)$1.34B

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

WACC \ Near-term	2127.7%	2131.7%	2135.7%	2139.7%	2143.7%
7.0%	$76630040840881.45	$77320490407620.70	$78015907883525.48	$78716320029253.97	$79421753701393.33
8.0%	$57716325670825.20	$58236359479808.94	$58760135025841.23	$59287672464553.44	$59818992023828.97
9.0%	$44991793613786.29	$45397177246815.20	$45805477688195.97	$46216710649912.93	$46630891900273.25
10.0%	$35950098371587.04	$36274014808369.35	$36600261882331.50	$36928852147927.01	$37259798204613.41
11.0%	$29267156783718.07	$29530858791775.14	$29796458183336.03	$30063965179044.77	$30333390036183.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.66

Book Value / share($)Yahoo: $11.30

Results

Graham Number$20.54

Current Price$38.56

Margin of Safety-46.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.01%

Terminal growth rate(%)

Computed WACC: 4.01%

Cost of equity (Re)7.48%(Rf 4.30% + β 0.58 × 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)53.64%

Debt weight (D/V)46.36%

Results

Current Price$38.56

Implied Near-term FCF Growth-18.9%

Historical Revenue Growth17.5%

Historical Earnings Growth2135.7%

Base FCF (TTM)$223.11M

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$38.56

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $326.22M

Target EV/EBITDA multipleCurrent: 9.5×

Net Debt($B)Default: $1.34B

Results

Implied Equity Value / share$41.88

Current Price$38.56

Upside / Downside+8.6%

Implied EV$3.10B

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

Mult \ Net Debt	$1.34B	$1.34B	$1.34B	$1.34B	$1.34B
5.5x	$10.89	$10.89	$10.89	$10.89	$10.89
7.5x	$26.39	$26.39	$26.39	$26.39	$26.39
9.5x	$41.88	$41.88	$41.88	$41.88	$41.88
11.5x	$57.37	$57.37	$57.37	$57.37	$57.37
13.5x	$72.86	$72.86	$72.86	$72.86	$72.86

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