SAMG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.52)
DCF	$32.86	+111.7%
Graham Number	$10.76	-30.7%
Reverse DCF	—	implied g: -8.9%
DDM	$17.10	+10.2%
EV/EBITDA	$19.78	+27.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $14.34M

Near-term growth (yrs 1–5)(%)Rev: 2.9% / EPS: -70.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.15%

Computed WACC: 7.15%

Cost of equity (Re)8.30%(Rf 4.30% + β 0.73 × 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)86.16%

Debt weight (D/V)13.84%

Results

Intrinsic Value / share$45.34

Current Price$15.52

Upside / Downside+192.1%

Net Debt (used)-$15.09M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$33.12	$39.44	$46.80	$55.31	$65.12
8.0%	$27.56	$32.65	$38.56	$45.39	$53.25
9.0%	$23.70	$27.94	$32.86	$38.53	$45.05
10.0%	$20.87	$24.49	$28.68	$33.50	$39.04
11.0%	$18.71	$21.85	$25.48	$29.66	$34.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.72

Book Value / share($)Yahoo: $7.15

Results

Graham Number$10.76

Current Price$15.52

Margin of Safety-30.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.15%

Terminal growth rate(%)

Computed WACC: 7.15%

Cost of equity (Re)8.30%(Rf 4.30% + β 0.73 × 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)86.16%

Debt weight (D/V)13.84%

Results

Current Price$15.52

Implied Near-term FCF Growth-13.4%

Historical Revenue Growth2.9%

Historical Earnings Growth-70.3%

Base FCF (TTM)$14.34M

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: $0.83

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$17.10

Current Price$15.52

Upside / Downside+10.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $16.19M

Target EV/EBITDA multipleCurrent: 9.0×

Net Debt($B)Default: -$15.09M

Results

Implied Equity Value / share$19.78

Current Price$15.52

Upside / Downside+27.5%

Implied EV$145.56M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$15.09M	$984.91M	$1.98B
5.0x	$258.08	$134.94	$11.81	$-111.33	$-234.46
7.0x	$262.07	$138.93	$15.79	$-107.34	$-230.48
9.0x	$266.05	$142.92	$19.78	$-103.35	$-226.49
11.0x	$270.04	$146.90	$23.77	$-99.37	$-222.50
13.0x	$274.03	$150.89	$27.76	$-95.38	$-218.51

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