SSP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.86)
DCF	$-46.60	-1307.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$10.26	+165.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$50.11M

Near-term growth (yrs 1–5)(%)Rev: -23.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 0.81%

Computed WACC: 0.81%

Cost of equity (Re)7.29%(Rf 4.30% + β 0.54 × 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)11.15%

Debt weight (D/V)88.85%

Results

Intrinsic Value / share—

Current Price$3.86

Upside / Downside—

Net Debt (used)$2.70B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-46.70	$-49.04	$-51.75	$-54.90	$-58.52
8.0%	$-44.65	$-46.53	$-48.71	$-51.23	$-54.13
9.0%	$-43.23	$-44.79	$-46.60	$-48.70	$-51.11
10.0%	$-42.18	$-43.52	$-45.06	$-46.84	$-48.89
11.0%	$-41.38	$-42.54	$-43.88	$-45.43	$-47.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.43

Book Value / share($)Yahoo: $9.29

Results

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

Graham Number—

Current Price$3.86

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 0.81%

Terminal growth rate(%)

Computed WACC: 0.81%

Cost of equity (Re)7.29%(Rf 4.30% + β 0.54 × 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)11.15%

Debt weight (D/V)88.85%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.86

Implied Near-term FCF Growth—

Historical Revenue Growth-23.1%

Historical Earnings Growth—

Base FCF (TTM)-$50.11M

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$3.86

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $311.78M

Target EV/EBITDA multipleCurrent: 11.2×

Net Debt($B)Default: $2.70B

Results

Implied Equity Value / share$10.26

Current Price$3.86

Upside / Downside+165.8%

Implied EV$3.49B

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

Mult \ Net Debt	$702.79M	$1.70B	$2.70B	$3.70B	$4.70B
7.2x	$20.05	$7.04	$-5.97	$-18.97	$-31.98
9.2x	$28.16	$15.16	$2.15	$-10.86	$-23.87
11.2x	$36.28	$23.27	$10.26	$-2.75	$-15.76
13.2x	$44.39	$31.38	$18.37	$5.36	$-7.65
15.2x	$52.50	$39.49	$26.48	$13.47	$0.46

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