PTON — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.90)
DCF	$13.29	+240.7%
Graham Number	—	—
Reverse DCF	—	implied g: -11.4%
DDM	—	—
EV/EBITDA	$4.05	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $353.79M

Near-term growth (yrs 1–5)(%)Rev: -2.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.15%

Computed WACC: 8.15%

Cost of equity (Re)17.72%(Rf 4.30% + β 2.44 × 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)46.01%

Debt weight (D/V)53.99%

Results

Intrinsic Value / share$15.60

Current Price$3.90

Upside / Downside+299.9%

Net Debt (used)$767.30M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$13.42	$16.51	$20.11	$24.27	$29.07
8.0%	$10.70	$13.19	$16.08	$19.42	$23.27
9.0%	$8.81	$10.89	$13.29	$16.06	$19.25
10.0%	$7.43	$9.20	$11.24	$13.60	$16.31
11.0%	$6.37	$7.90	$9.68	$11.73	$14.07

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.12

Book Value / share($)Yahoo: $-0.77

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$3.90

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.15%

Terminal growth rate(%)

Computed WACC: 8.15%

Cost of equity (Re)17.72%(Rf 4.30% + β 2.44 × 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)46.01%

Debt weight (D/V)53.99%

Results

Current Price$3.90

Implied Near-term FCF Growth-13.3%

Historical Revenue Growth-2.6%

Historical Earnings Growth—

Base FCF (TTM)$353.79M

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$3.90

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $173.20M

Target EV/EBITDA multipleCurrent: 14.0×

Net Debt($B)Default: $767.30M

Results

Implied Equity Value / share$4.05

Current Price$3.90

Upside / Downside+3.9%

Implied EV$2.43B

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

Mult \ Net Debt	-$1.23B	-$232.70M	$767.30M	$1.77B	$2.77B
10.0x	$7.24	$4.80	$2.36	$-0.08	$-2.52
12.0x	$8.09	$5.65	$3.21	$0.76	$-1.68
14.0x	$8.93	$6.49	$4.05	$1.61	$-0.83
16.0x	$9.78	$7.34	$4.90	$2.46	$0.01
18.0x	$10.62	$8.18	$5.74	$3.30	$0.86

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