PUBM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.29)
DCF	$26.04	+214.3%
Graham Number	—	—
Reverse DCF	—	implied g: -19.4%
DDM	—	—
EV/EBITDA	$10.16	+22.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $50.82M

Near-term growth (yrs 1–5)(%)Rev: -6.4% / EPS: -49.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.46%

Computed WACC: 11.46%

Cost of equity (Re)12.78%(Rf 4.30% + β 1.54 × 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)89.69%

Debt weight (D/V)10.31%

Results

Intrinsic Value / share$19.55

Current Price$8.29

Upside / Downside+136.0%

Net Debt (used)-$101.31M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$26.24	$31.01	$36.56	$42.98	$50.38
8.0%	$22.04	$25.88	$30.34	$35.50	$41.43
9.0%	$19.14	$22.33	$26.04	$30.32	$35.24
10.0%	$17.00	$19.73	$22.89	$26.53	$30.71
11.0%	$15.37	$17.74	$20.48	$23.63	$27.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.19

Book Value / share($)Yahoo: $5.60

Results

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

Graham Number—

Current Price$8.29

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.46%

Terminal growth rate(%)

Computed WACC: 11.46%

Cost of equity (Re)12.78%(Rf 4.30% + β 1.54 × 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)89.69%

Debt weight (D/V)10.31%

Results

Current Price$8.29

Implied Near-term FCF Growth-15.4%

Historical Revenue Growth-6.4%

Historical Earnings Growth-49.5%

Base FCF (TTM)$50.82M

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$8.29

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.21M

Target EV/EBITDA multipleCurrent: 68.0×

Net Debt($B)Default: -$101.31M

Results

Implied Equity Value / share$10.16

Current Price$8.29

Upside / Downside+22.7%

Implied EV$286.47M

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

Mult \ Net Debt	-$2.10B	-$1.10B	-$101.31M	$898.69M	$1.90B
64.0x	$62.15	$35.93	$9.72	$-16.49	$-42.70
66.0x	$62.37	$36.15	$9.94	$-16.27	$-42.48
68.0x	$62.59	$36.38	$10.16	$-16.05	$-42.26
70.0x	$62.81	$36.60	$10.38	$-15.83	$-42.04
72.0x	$63.03	$36.82	$10.61	$-15.61	$-41.82

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