SWBI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.04)
DCF	$6.58	-45.3%
Graham Number	$6.21	-48.4%
Reverse DCF	—	implied g: 13.3%
DDM	$10.71	-11.0%
EV/EBITDA	$11.90	-1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.16M

Near-term growth (yrs 1–5)(%)Rev: -3.9% / EPS: -60.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.28%

Computed WACC: 8.28%

Cost of equity (Re)10.20%(Rf 4.30% + β 1.07 × 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)81.26%

Debt weight (D/V)18.74%

Results

Intrinsic Value / share$7.68

Current Price$12.04

Upside / Downside-36.2%

Net Debt (used)$96.25M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$6.66	$8.44	$10.51	$12.92	$15.68
8.0%	$5.09	$6.52	$8.19	$10.12	$12.33
9.0%	$4.00	$5.19	$6.58	$8.18	$10.02
10.0%	$3.20	$4.22	$5.40	$6.76	$8.33
11.0%	$2.59	$3.48	$4.50	$5.68	$7.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.21

Book Value / share($)Yahoo: $8.16

Results

Graham Number$6.21

Current Price$12.04

Margin of Safety-48.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.28%

Terminal growth rate(%)

Computed WACC: 8.28%

Cost of equity (Re)10.20%(Rf 4.30% + β 1.07 × 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)81.26%

Debt weight (D/V)18.74%

Results

Current Price$12.04

Implied Near-term FCF Growth11.2%

Historical Revenue Growth-3.9%

Historical Earnings Growth-60.0%

Base FCF (TTM)$22.16M

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: $0.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.71

Current Price$12.04

Upside / Downside-11.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $49.68M

Target EV/EBITDA multipleCurrent: 12.6×

Net Debt($B)Default: $96.25M

Results

Implied Equity Value / share$11.90

Current Price$12.04

Upside / Downside-1.2%

Implied EV$625.72M

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

Mult \ Net Debt	-$1.90B	-$903.75M	$96.25M	$1.10B	$2.10B
8.6x	$52.38	$29.91	$7.43	$-15.04	$-37.52
10.6x	$54.62	$32.14	$9.67	$-12.81	$-35.28
12.6x	$56.85	$34.37	$11.90	$-10.58	$-33.05
14.6x	$59.08	$36.61	$14.13	$-8.34	$-30.82
16.6x	$61.32	$38.84	$16.37	$-6.11	$-28.58

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