QUAD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.73)
DCF	$2588.57	+38363.1%
Graham Number	$5.69	-15.4%
Reverse DCF	—	implied g: 22.7%
DDM	$8.24	+22.4%
EV/EBITDA	$9.22	+37.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $13.24M

Near-term growth (yrs 1–5)(%)Rev: -11.0% / EPS: 136.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.67%

Computed WACC: 10.67%

Cost of equity (Re)10.65%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)13.52%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)44.14%

Debt weight (D/V)55.86%

Results

Intrinsic Value / share$1841.12

Current Price$6.73

Upside / Downside+27256.9%

Net Debt (used)$381.80M

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

WACC \ Near-term	128.0%	132.0%	136.0%	140.0%	144.0%
7.0%	$3608.95	$3937.32	$4289.12	$4665.58	$5067.97
8.0%	$2755.55	$3006.40	$3275.14	$3562.72	$3870.10
9.0%	$2177.69	$2376.06	$2588.57	$2815.96	$3059.01
10.0%	$1764.18	$1924.98	$2097.25	$2281.58	$2478.61
11.0%	$1456.21	$1589.04	$1731.34	$1883.60	$2046.35

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.57

Book Value / share($)Yahoo: $2.53

Results

Graham Number$5.69

Current Price$6.73

Margin of Safety-15.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.67%

Terminal growth rate(%)

Computed WACC: 10.67%

Cost of equity (Re)10.65%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)13.52%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)44.14%

Debt weight (D/V)55.86%

Results

Current Price$6.73

Implied Near-term FCF Growth27.7%

Historical Revenue Growth-11.0%

Historical Earnings Growth136.0%

Base FCF (TTM)$13.24M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$6.73

Upside / Downside+22.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $183.40M

Target EV/EBITDA multipleCurrent: 4.0×

Net Debt($B)Default: $381.80M

Results

Implied Equity Value / share$9.22

Current Price$6.73

Upside / Downside+37.0%

Implied EV$741.30M

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

Mult \ Net Debt	-$1.62B	-$618.20M	$381.80M	$1.38B	$2.38B
0.0x	$41.69	$16.05	$-9.59	$-35.23	$-60.87
2.0x	$51.09	$25.45	$-0.19	$-25.83	$-51.47
4.0x	$60.50	$34.86	$9.22	$-16.42	$-42.06
6.0x	$69.90	$44.26	$18.62	$-7.02	$-32.66
8.0x	$79.31	$53.67	$28.03	$2.39	$-23.25

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