SAR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.73)
DCF	$-20.22	-185.2%
Graham Number	$37.33	+57.3%
Reverse DCF	—	implied g: 35.2%
DDM	$61.80	+160.4%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $11.39M

Near-term growth (yrs 1–5)(%)Rev: -11.8% / EPS: 16.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.45%

Computed WACC: 9.45%

Cost of equity (Re)7.64%(Rf 4.30% + β 0.61 × ERP 5.50%)

Cost of debt (Rd)13.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)33.43%

Debt weight (D/V)66.57%

Results

Intrinsic Value / share$-21.90

Current Price$23.73

Upside / Downside-192.3%

Net Debt (used)$712.39M

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

WACC \ Near-term	8.3%	12.3%	16.3%	20.3%	24.3%
7.0%	$-18.50	$-13.72	$-8.24	$-1.96	$5.18
8.0%	$-23.46	$-19.66	$-15.31	$-10.33	$-4.67
9.0%	$-26.88	$-23.75	$-20.17	$-16.09	$-11.44
10.0%	$-29.37	$-26.74	$-23.72	$-20.28	$-16.38
11.0%	$-31.26	$-29.00	$-26.41	$-23.47	$-20.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.42

Book Value / share($)Yahoo: $25.59

Results

Graham Number$37.33

Current Price$23.73

Margin of Safety+57.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.45%

Terminal growth rate(%)

Computed WACC: 9.45%

Cost of equity (Re)7.64%(Rf 4.30% + β 0.61 × ERP 5.50%)

Cost of debt (Rd)13.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)33.43%

Debt weight (D/V)66.57%

Results

Current Price$23.73

Implied Near-term FCF Growth36.8%

Historical Revenue Growth-11.8%

Historical Earnings Growth16.3%

Base FCF (TTM)$11.39M

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: $3.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$61.80

Current Price$23.73

Upside / Downside+160.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $712.39M

Results

Implied Equity Value / share$-44.02

Current Price$23.73

Upside / Downside-285.5%

Implied EV$0

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