SPOK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.11)
DCF	$16.32	+34.7%
Graham Number	$11.31	-6.6%
Reverse DCF	—	implied g: -0.4%
DDM	$25.75	+112.6%
EV/EBITDA	$12.19	+0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $18.10M

Near-term growth (yrs 1–5)(%)Rev: -0.1% / EPS: -27.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.44%

Computed WACC: 6.44%

Cost of equity (Re)6.62%(Rf 4.30% + β 0.42 × 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)97.29%

Debt weight (D/V)2.71%

Results

Intrinsic Value / share$26.46

Current Price$12.11

Upside / Downside+118.5%

Net Debt (used)-$18.34M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$16.45	$19.60	$23.26	$27.49	$32.37
8.0%	$13.68	$16.21	$19.16	$22.56	$26.47
9.0%	$11.76	$13.87	$16.32	$19.14	$22.38
10.0%	$10.35	$12.15	$14.24	$16.64	$19.40
11.0%	$9.28	$10.84	$12.65	$14.73	$17.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.80

Book Value / share($)Yahoo: $7.10

Results

Graham Number$11.31

Current Price$12.11

Margin of Safety-6.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.44%

Terminal growth rate(%)

Computed WACC: 6.44%

Cost of equity (Re)6.62%(Rf 4.30% + β 0.42 × 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)97.29%

Debt weight (D/V)2.71%

Results

Current Price$12.11

Implied Near-term FCF Growth-7.8%

Historical Revenue Growth-0.1%

Historical Earnings Growth-27.2%

Base FCF (TTM)$18.10M

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: $1.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.75

Current Price$12.11

Upside / Downside+112.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $23.60M

Target EV/EBITDA multipleCurrent: 9.9×

Net Debt($B)Default: -$18.34M

Results

Implied Equity Value / share$12.19

Current Price$12.11

Upside / Downside+0.6%

Implied EV$232.71M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$18.34M	$981.66M	$1.98B
5.9x	$104.70	$56.15	$7.61	$-40.94	$-89.49
7.9x	$106.99	$58.45	$9.90	$-38.65	$-87.20
9.9x	$109.28	$60.74	$12.19	$-36.36	$-84.91
11.9x	$111.58	$63.03	$14.48	$-34.07	$-82.62
13.9x	$113.87	$65.32	$16.77	$-31.78	$-80.33

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