REFI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.19)
DCF	$-3.45	-128.3%
Graham Number	$23.65	+94.0%
Reverse DCF	—	—
DDM	$38.73	+217.7%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -15.0% / EPS: -25.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.25%

Computed WACC: 7.25%

Cost of equity (Re)5.79%(Rf 4.30% + β 0.27 × ERP 5.50%)

Cost of debt (Rd)13.86%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.65%

Debt weight (D/V)28.35%

Results

Intrinsic Value / share$-3.45

Current Price$12.19

Upside / Downside-128.3%

Net Debt (used)$72.75M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-3.45	$-3.45	$-3.45	$-3.45	$-3.45
8.0%	$-3.45	$-3.45	$-3.45	$-3.45	$-3.45
9.0%	$-3.45	$-3.45	$-3.45	$-3.45	$-3.45
10.0%	$-3.45	$-3.45	$-3.45	$-3.45	$-3.45
11.0%	$-3.45	$-3.45	$-3.45	$-3.45	$-3.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.69

Book Value / share($)Yahoo: $14.71

Results

Graham Number$23.65

Current Price$12.19

Margin of Safety+94.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.25%

Terminal growth rate(%)

Computed WACC: 7.25%

Cost of equity (Re)5.79%(Rf 4.30% + β 0.27 × ERP 5.50%)

Cost of debt (Rd)13.86%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.65%

Debt weight (D/V)28.35%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$12.19

Implied Near-term FCF Growth—

Historical Revenue Growth-15.0%

Historical Earnings Growth-25.0%

Base FCF (TTM)—

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: $1.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$38.73

Current Price$12.19

Upside / Downside+217.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $72.75M

Results

Implied Equity Value / share$-3.45

Current Price$12.19

Upside / Downside-128.3%

Implied EV$0

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