SPIR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.12)
DCF	$-17.10	-287.5%
Graham Number	$5.66	-37.9%
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: -$37.04M

Near-term growth (yrs 1–5)(%)Rev: -55.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 17.77%

Computed WACC: 17.77%

Cost of equity (Re)17.92%(Rf 4.30% + β 2.48 × ERP 5.50%)

Cost of debt (Rd)18.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.01%

Debt weight (D/V)3.99%

Results

Intrinsic Value / share$-5.70

Current Price$9.12

Upside / Downside-162.6%

Net Debt (used)-$84.22M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-17.27	$-21.28	$-25.94	$-31.33	$-37.55
8.0%	$-13.74	$-16.97	$-20.72	$-25.05	$-30.03
9.0%	$-11.30	$-13.99	$-17.10	$-20.70	$-24.83
10.0%	$-9.51	$-11.80	$-14.45	$-17.51	$-21.02
11.0%	$-8.13	$-10.12	$-12.43	$-15.08	$-18.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.35

Book Value / share($)Yahoo: $4.07

Results

Graham Number$5.66

Current Price$9.12

Margin of Safety-37.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 17.77%

Terminal growth rate(%)

Computed WACC: 17.77%

Cost of equity (Re)17.92%(Rf 4.30% + β 2.48 × ERP 5.50%)

Cost of debt (Rd)18.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.01%

Debt weight (D/V)3.99%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$9.12

Implied Near-term FCF Growth—

Historical Revenue Growth-55.7%

Historical Earnings Growth—

Base FCF (TTM)-$37.04M

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$9.12

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$78.57M

Target EV/EBITDA multipleCurrent: -2.8×

Net Debt($B)Default: -$84.22M

Results

Implied Equity Value / share$9.12

Current Price$9.12

Upside / Downside-0.0%

Implied EV$217.63M

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