QNST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.45)
DCF	$12599.99	+109943.6%
Graham Number	$11.15	-2.6%
Reverse DCF	—	implied g: -9.7%
DDM	—	—
EV/EBITDA	$11.57	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $74.46M

Near-term growth (yrs 1–5)(%)Rev: 29.3% / EPS: 142.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.39%

Computed WACC: 8.39%

Cost of equity (Re)8.42%(Rf 4.30% + β 0.75 × ERP 5.50%)

Cost of debt (Rd)7.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.71%

Debt weight (D/V)1.29%

Results

Intrinsic Value / share$14492.97

Current Price$11.45

Upside / Downside+126476.2%

Net Debt (used)-$101.77M

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

WACC \ Near-term	134.6%	138.6%	142.6%	146.6%	150.6%
7.0%	$17655.18	$19210.77	$20874.17	$22650.88	$24546.62
8.0%	$13482.59	$14670.17	$15940.03	$17296.38	$18743.58
9.0%	$10658.05	$11596.52	$12599.99	$13671.81	$14815.39
10.0%	$8637.40	$9397.66	$10210.58	$11078.85	$12005.25
11.0%	$7132.98	$7760.58	$8431.63	$9148.37	$9913.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.07

Book Value / share($)Yahoo: $5.17

Results

Graham Number$11.15

Current Price$11.45

Margin of Safety-2.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.39%

Terminal growth rate(%)

Computed WACC: 8.39%

Cost of equity (Re)8.42%(Rf 4.30% + β 0.75 × ERP 5.50%)

Cost of debt (Rd)7.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.71%

Debt weight (D/V)1.29%

Results

Current Price$11.45

Implied Near-term FCF Growth-11.0%

Historical Revenue Growth29.3%

Historical Earnings Growth142.6%

Base FCF (TTM)$74.46M

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$11.45

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $34.30M

Target EV/EBITDA multipleCurrent: 16.3×

Net Debt($B)Default: -$101.77M

Results

Implied Equity Value / share$11.57

Current Price$11.45

Upside / Downside+1.0%

Implied EV$557.65M

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

Mult \ Net Debt	-$2.10B	-$1.10B	-$101.77M	$898.23M	$1.90B
12.3x	$44.25	$26.71	$9.16	$-8.38	$-25.93
14.3x	$45.46	$27.91	$10.37	$-7.18	$-24.73
16.3x	$46.66	$29.12	$11.57	$-5.98	$-23.52
18.3x	$47.87	$30.32	$12.77	$-4.77	$-22.32
20.3x	$49.07	$31.52	$13.98	$-3.57	$-21.11

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