SEZL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($72.95)
DCF	$-165.12	-326.3%
Graham Number	$19.17	-73.7%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$72.19	-1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$11.75M

Near-term growth (yrs 1–5)(%)Rev: 32.2% / EPS: 67.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 49.63%

Computed WACC: 49.63%

Cost of equity (Re)52.44%(Rf 4.30% + β 8.75 × 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)94.66%

Debt weight (D/V)5.34%

Results

Intrinsic Value / share$-7.57

Current Price$72.95

Upside / Downside-110.4%

Net Debt (used)$76.60M

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

WACC \ Near-term	59.2%	63.2%	67.2%	71.2%	75.2%
7.0%	$-207.85	$-234.78	$-264.48	$-297.14	$-332.99
8.0%	$-161.57	$-182.39	$-205.35	$-230.60	$-258.31
9.0%	$-130.07	$-146.74	$-165.12	$-185.32	$-207.49
10.0%	$-107.41	$-121.09	$-136.16	$-152.74	$-170.93
11.0%	$-90.42	$-101.86	$-114.47	$-128.34	$-143.54

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.25

Book Value / share($)Yahoo: $5.02

Results

Graham Number$19.17

Current Price$72.95

Margin of Safety-73.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 49.63%

Terminal growth rate(%)

Computed WACC: 49.63%

Cost of equity (Re)52.44%(Rf 4.30% + β 8.75 × 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)94.66%

Debt weight (D/V)5.34%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$72.95

Implied Near-term FCF Growth—

Historical Revenue Growth32.2%

Historical Earnings Growth67.2%

Base FCF (TTM)-$11.75M

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$72.95

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $178.14M

Target EV/EBITDA multipleCurrent: 14.3×

Net Debt($B)Default: $76.60M

Results

Implied Equity Value / share$72.19

Current Price$72.95

Upside / Downside-1.0%

Implied EV$2.54B

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

Mult \ Net Debt	-$1.92B	-$923.40M	$76.60M	$1.08B	$2.08B
10.3x	$109.89	$80.61	$51.33	$22.05	$-7.23
12.3x	$120.32	$91.04	$61.76	$32.48	$3.20
14.3x	$130.75	$101.47	$72.19	$42.91	$13.63
16.3x	$141.18	$111.90	$82.62	$53.34	$24.06
18.3x	$151.61	$122.33	$93.05	$63.77	$34.49

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