REAL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.87)
DCF	$5.41	-54.4%
Graham Number	—	—
Reverse DCF	—	implied g: 28.8%
DDM	—	—
EV/EBITDA	$12.10	+2.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $24.89M

Near-term growth (yrs 1–5)(%)Rev: 18.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.54%

Computed WACC: 14.54%

Cost of equity (Re)19.41%(Rf 4.30% + β 2.75 × 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)74.94%

Debt weight (D/V)25.06%

Results

Intrinsic Value / share$1.27

Current Price$11.87

Upside / Downside-89.3%

Net Debt (used)$312.02M

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

WACC \ Near-term	10.3%	14.3%	18.3%	22.3%	26.3%
7.0%	$6.08	$7.69	$9.54	$11.65	$14.05
8.0%	$4.36	$5.64	$7.10	$8.78	$10.67
9.0%	$3.17	$4.22	$5.43	$6.80	$8.35
10.0%	$2.31	$3.19	$4.20	$5.36	$6.66
11.0%	$1.65	$2.41	$3.28	$4.26	$5.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.01

Book Value / share($)Yahoo: $-3.51

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$11.87

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.54%

Terminal growth rate(%)

Computed WACC: 14.54%

Cost of equity (Re)19.41%(Rf 4.30% + β 2.75 × 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)74.94%

Debt weight (D/V)25.06%

Results

Current Price$11.87

Implied Near-term FCF Growth44.6%

Historical Revenue Growth18.3%

Historical Earnings Growth—

Base FCF (TTM)$24.89M

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$11.87

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $8.97M

Target EV/EBITDA multipleCurrent: 192.2×

Net Debt($B)Default: $312.02M

Results

Implied Equity Value / share$12.10

Current Price$11.87

Upside / Downside+2.0%

Implied EV$1.72B

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

Mult \ Net Debt	-$1.69B	-$687.98M	$312.02M	$1.31B	$2.31B
188.2x	$28.94	$20.37	$11.80	$3.23	$-5.34
190.2x	$29.09	$20.52	$11.95	$3.38	$-5.19
192.2x	$29.24	$20.67	$12.10	$3.53	$-5.04
194.2x	$29.40	$20.83	$12.26	$3.69	$-4.88
196.2x	$29.55	$20.98	$12.41	$3.84	$-4.73

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