SGA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.63)
DCF	$1.39	-88.1%
Graham Number	$5.32	-54.3%
Reverse DCF	—	—
DDM	$20.60	+77.1%
EV/EBITDA	$11.75	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$405,750

Near-term growth (yrs 1–5)(%)Rev: -1.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.37%

Computed WACC: 5.37%

Cost of equity (Re)4.60%(Rf 4.30% + β 0.05 × ERP 5.50%)

Cost of debt (Rd)13.92%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)87.92%

Debt weight (D/V)12.08%

Results

Intrinsic Value / share$-0.04

Current Price$11.63

Upside / Downside-100.4%

Net Debt (used)-$15.98M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$1.38	$1.15	$0.89	$0.58	$0.23
8.0%	$1.58	$1.40	$1.18	$0.94	$0.65
9.0%	$1.72	$1.57	$1.39	$1.19	$0.95
10.0%	$1.82	$1.69	$1.54	$1.37	$1.17
11.0%	$1.90	$1.79	$1.66	$1.50	$1.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.05

Book Value / share($)Yahoo: $25.16

Results

Graham Number$5.32

Current Price$11.63

Margin of Safety-54.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.37%

Terminal growth rate(%)

Computed WACC: 5.37%

Cost of equity (Re)4.60%(Rf 4.30% + β 0.05 × ERP 5.50%)

Cost of debt (Rd)13.92%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)87.92%

Debt weight (D/V)12.08%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$11.63

Implied Near-term FCF Growth—

Historical Revenue Growth-1.8%

Historical Earnings Growth—

Base FCF (TTM)-$405,750

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$11.63

Upside / Downside+77.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.13M

Target EV/EBITDA multipleCurrent: 11.5×

Net Debt($B)Default: -$15.98M

Results

Implied Equity Value / share$11.75

Current Price$11.63

Upside / Downside+1.1%

Implied EV$58.92M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$15.98M	$984.02M	$1.98B
7.5x	$322.39	$165.46	$8.54	$-148.39	$-305.32
9.5x	$324.00	$167.07	$10.14	$-146.78	$-303.71
11.5x	$325.61	$168.68	$11.75	$-145.17	$-302.10
13.5x	$327.21	$170.29	$13.36	$-143.56	$-300.49
15.5x	$328.82	$171.90	$14.97	$-141.96	$-298.88

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