SERA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.23)
DCF	$-6.63	-397.5%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$16.54M

Near-term growth (yrs 1–5)(%)Rev: -44.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.64%

Computed WACC: 9.64%

Cost of equity (Re)9.89%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)1.14%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.24%

Debt weight (D/V)2.76%

Results

Intrinsic Value / share$-5.93

Current Price$2.23

Upside / Downside-366.1%

Net Debt (used)-$40.86M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-6.70	$-8.27	$-10.11	$-12.23	$-14.67
8.0%	$-5.31	$-6.58	$-8.05	$-9.75	$-11.71
9.0%	$-4.35	$-5.41	$-6.63	$-8.05	$-9.67
10.0%	$-3.65	$-4.55	$-5.59	$-6.79	$-8.17
11.0%	$-3.11	$-3.89	$-4.80	$-5.84	$-7.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.76

Book Value / share($)Yahoo: $2.13

Results

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

Graham Number—

Current Price$2.23

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.64%

Terminal growth rate(%)

Computed WACC: 9.64%

Cost of equity (Re)9.89%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)1.14%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.24%

Debt weight (D/V)2.76%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.23

Implied Near-term FCF Growth—

Historical Revenue Growth-44.8%

Historical Earnings Growth—

Base FCF (TTM)-$16.54M

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$2.23

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$36.17M

Target EV/EBITDA multipleCurrent: -1.3×

Net Debt($B)Default: -$40.86M

Results

Implied Equity Value / share$2.29

Current Price$2.23

Upside / Downside+2.6%

Implied EV$45.22M

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