SPNT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.25)
DCF	$-1334.70	-6380.9%
Graham Number	$26.76	+25.9%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$22.89	+7.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$3.87B

Near-term growth (yrs 1–5)(%)Rev: 19.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.30%

Computed WACC: 8.30%

Cost of equity (Re)7.96%(Rf 4.30% + β 0.67 × ERP 5.50%)

Cost of debt (Rd)12.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)77.68%

Debt weight (D/V)22.32%

Results

Intrinsic Value / share$-1519.40

Current Price$21.25

Upside / Downside-7250.1%

Net Debt (used)-$136.60M

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

WACC \ Near-term	11.4%	15.4%	19.4%	23.4%	27.4%
7.0%	$-1449.26	$-1714.69	$-2018.55	$-2364.93	$-2758.17
8.0%	$-1162.32	$-1372.67	$-1613.29	$-1887.38	$-2198.36
9.0%	$-964.95	$-1137.49	$-1334.70	$-1559.18	$-1813.72
10.0%	$-821.23	$-966.31	$-1131.99	$-1320.44	$-1533.99
11.0%	$-712.16	$-836.44	$-978.26	$-1139.46	$-1321.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.64

Book Value / share($)Yahoo: $19.40

Results

Graham Number$26.76

Current Price$21.25

Margin of Safety+25.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.30%

Terminal growth rate(%)

Computed WACC: 8.30%

Cost of equity (Re)7.96%(Rf 4.30% + β 0.67 × ERP 5.50%)

Cost of debt (Rd)12.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)77.68%

Debt weight (D/V)22.32%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$21.25

Implied Near-term FCF Growth—

Historical Revenue Growth19.4%

Historical Earnings Growth—

Base FCF (TTM)-$3.87B

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$21.25

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $434.70M

Target EV/EBITDA multipleCurrent: 5.8×

Net Debt($B)Default: -$136.60M

Results

Implied Equity Value / share$22.89

Current Price$21.25

Upside / Downside+7.7%

Implied EV$2.54B

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

Mult \ Net Debt	-$2.14B	-$1.14B	-$136.60M	$863.40M	$1.86B
1.8x	$25.13	$16.57	$8.01	$-0.55	$-9.11
3.8x	$32.57	$24.01	$15.45	$6.89	$-1.67
5.8x	$40.02	$31.45	$22.89	$14.33	$5.77
7.8x	$47.46	$38.90	$30.34	$21.78	$13.22
9.8x	$54.90	$46.34	$37.78	$29.22	$20.66

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