SPSC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($58.41)
DCF	$591.33	+912.4%
Graham Number	$37.91	-35.1%
Reverse DCF	—	implied g: 3.9%
DDM	—	—
EV/EBITDA	$58.41	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $124.24M

Near-term growth (yrs 1–5)(%)Rev: 12.7% / EPS: 46.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.73%

Computed WACC: 7.73%

Cost of equity (Re)7.76%(Rf 4.30% + β 0.63 × 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)99.67%

Debt weight (D/V)0.33%

Results

Intrinsic Value / share$775.43

Current Price$58.41

Upside / Downside+1227.6%

Net Debt (used)-$144.16M

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

WACC \ Near-term	38.9%	42.9%	46.9%	50.9%	54.9%
7.0%	$707.77	$813.30	$931.22	$1062.59	$1208.52
8.0%	$554.57	$636.77	$728.61	$830.88	$944.48
9.0%	$449.98	$516.27	$590.31	$672.74	$764.28
10.0%	$374.46	$429.27	$490.46	$558.58	$634.21
11.0%	$317.66	$363.84	$415.39	$472.75	$536.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.46

Book Value / share($)Yahoo: $25.96

Results

Graham Number$37.91

Current Price$58.41

Margin of Safety-35.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.73%

Terminal growth rate(%)

Computed WACC: 7.73%

Cost of equity (Re)7.76%(Rf 4.30% + β 0.63 × 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)99.67%

Debt weight (D/V)0.33%

Results

Current Price$58.41

Implied Near-term FCF Growth0.3%

Historical Revenue Growth12.7%

Historical Earnings Growth46.9%

Base FCF (TTM)$124.24M

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$58.41

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $176.56M

Target EV/EBITDA multipleCurrent: 11.6×

Net Debt($B)Default: -$144.16M

Results

Implied Equity Value / share$58.41

Current Price$58.41

Upside / Downside-0.0%

Implied EV$2.04B

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

Mult \ Net Debt	-$2.14B	-$1.14B	-$144.16M	$855.84M	$1.86B
7.6x	$93.01	$66.27	$39.52	$12.78	$-13.97
9.6x	$102.45	$75.71	$48.97	$22.22	$-4.52
11.6x	$111.90	$85.15	$58.41	$31.66	$4.92
13.6x	$121.34	$94.60	$67.85	$41.11	$14.36
15.6x	$130.79	$104.04	$77.30	$50.55	$23.81

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