SMTI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.41)
DCF	$18.78	-8.0%
Graham Number	—	—
Reverse DCF	—	implied g: 22.8%
DDM	—	—
EV/EBITDA	$20.48	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.41M

Near-term growth (yrs 1–5)(%)Rev: 21.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.52%

Computed WACC: 10.52%

Cost of equity (Re)10.08%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)15.49%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)79.37%

Debt weight (D/V)20.63%

Results

Intrinsic Value / share$13.92

Current Price$20.41

Upside / Downside-31.8%

Net Debt (used)$32.45M

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

WACC \ Near-term	13.5%	17.5%	21.5%	25.5%	29.5%
7.0%	$20.97	$25.41	$30.47	$36.23	$42.76
8.0%	$16.05	$19.56	$23.56	$28.11	$33.27
9.0%	$12.67	$15.54	$18.81	$22.54	$26.75
10.0%	$10.20	$12.62	$15.36	$18.48	$22.01
11.0%	$8.34	$10.40	$12.75	$15.41	$18.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.72

Book Value / share($)Yahoo: $0.69

Results

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

Graham Number—

Current Price$20.41

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.52%

Terminal growth rate(%)

Computed WACC: 10.52%

Cost of equity (Re)10.08%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)15.49%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)79.37%

Debt weight (D/V)20.63%

Results

Current Price$20.41

Implied Near-term FCF Growth27.3%

Historical Revenue Growth21.5%

Historical Earnings Growth—

Base FCF (TTM)$4.41M

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$20.41

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.75M

Target EV/EBITDA multipleCurrent: 37.4×

Net Debt($B)Default: $32.45M

Results

Implied Equity Value / share$20.48

Current Price$20.41

Upside / Downside+0.4%

Implied EV$215.45M

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

Mult \ Net Debt	-$1.97B	-$967.55M	$32.45M	$1.03B	$2.03B
33.4x	$241.73	$129.81	$17.90	$-94.01	$-205.92
35.4x	$243.01	$131.10	$19.19	$-92.72	$-204.63
37.4x	$244.30	$132.39	$20.48	$-91.43	$-203.34
39.4x	$245.59	$133.68	$21.77	$-90.14	$-202.06
41.4x	$246.88	$134.97	$23.05	$-88.86	$-200.77

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