SRFM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1.95)
DCF	$-27.75	-1523.2%
Graham Number	—	—
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: -$95.26M

Near-term growth (yrs 1–5)(%)Rev: 2.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.18%

Computed WACC: 12.18%

Cost of equity (Re)21.00%(Rf 4.30% + β 3.04 × 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)58.00%

Debt weight (D/V)42.00%

Results

Intrinsic Value / share$-18.97

Current Price$1.95

Upside / Downside-1072.6%

Net Debt (used)$82.23M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-27.98	$-33.37	$-39.65	$-46.92	$-55.28
8.0%	$-23.23	$-27.57	$-32.62	$-38.45	$-45.16
9.0%	$-19.94	$-23.56	$-27.75	$-32.59	$-38.16
10.0%	$-17.53	$-20.61	$-24.18	$-28.30	$-33.03
11.0%	$-15.68	$-18.36	$-21.46	$-25.03	$-29.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.14

Book Value / share($)Yahoo: $-1.97

Results

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

Graham Number—

Current Price$1.95

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.18%

Terminal growth rate(%)

Computed WACC: 12.18%

Cost of equity (Re)21.00%(Rf 4.30% + β 3.04 × 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)58.00%

Debt weight (D/V)42.00%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$1.95

Implied Near-term FCF Growth—

Historical Revenue Growth2.8%

Historical Earnings Growth—

Base FCF (TTM)-$95.26M

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$1.95

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$33.70M

Target EV/EBITDA multipleCurrent: -5.5×

Net Debt($B)Default: $82.23M

Results

Implied Equity Value / share$1.61

Current Price$1.95

Upside / Downside-17.3%

Implied EV$184.15M

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