RAND — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.95)
DCF	$6.41	-46.4%
Graham Number	—	—
Reverse DCF	—	implied g: 22.4%
DDM	$23.90	+100.0%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $542,900

Near-term growth (yrs 1–5)(%)Rev: -28.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.86%

Computed WACC: 5.86%

Cost of equity (Re)5.86%(Rf 4.30% + β 0.28 × 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)100.00%

Debt weight (D/V)0.00%

Results

Intrinsic Value / share$9.44

Current Price$11.95

Upside / Downside-21.0%

Net Debt (used)-$9.49M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$6.43	$7.09	$7.85	$8.73	$9.75
8.0%	$5.86	$6.38	$7.00	$7.70	$8.52
9.0%	$5.46	$5.90	$6.41	$6.99	$7.67
10.0%	$5.16	$5.54	$5.97	$6.47	$7.05
11.0%	$4.94	$5.27	$5.64	$6.07	$6.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.25

Book Value / share($)Yahoo: $18.06

Results

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

Graham Number—

Current Price$11.95

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.86%

Terminal growth rate(%)

Computed WACC: 5.86%

Cost of equity (Re)5.86%(Rf 4.30% + β 0.28 × 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)100.00%

Debt weight (D/V)0.00%

Results

Current Price$11.95

Implied Near-term FCF Growth10.3%

Historical Revenue Growth-28.8%

Historical Earnings Growth—

Base FCF (TTM)$542,900

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: $1.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.90

Current Price$11.95

Upside / Downside+100.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$9.49M

Results

Implied Equity Value / share$3.20

Current Price$11.95

Upside / Downside-73.3%

Implied EV$0

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