SXC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.10)
DCF	$-1.04	-117.0%
Graham Number	—	—
Reverse DCF	—	implied g: 18.2%
DDM	$9.89	+62.1%
EV/EBITDA	$6.44	+5.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $30.01M

Near-term growth (yrs 1–5)(%)Rev: -1.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.06%

Computed WACC: 4.06%

Cost of equity (Re)9.59%(Rf 4.30% + β 0.96 × 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)42.33%

Debt weight (D/V)57.67%

Results

Intrinsic Value / share$18.92

Current Price$6.10

Upside / Downside+210.2%

Net Debt (used)$614.90M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-0.99	$0.28	$1.76	$3.47	$5.44
8.0%	$-2.10	$-1.08	$0.11	$1.48	$3.06
9.0%	$-2.88	$-2.03	$-1.04	$0.10	$1.41
10.0%	$-3.44	$-2.72	$-1.88	$-0.91	$0.20
11.0%	$-3.88	$-3.25	$-2.52	$-1.68	$-0.72

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.52

Book Value / share($)Yahoo: $7.05

Results

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

Graham Number—

Current Price$6.10

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.06%

Terminal growth rate(%)

Computed WACC: 4.06%

Cost of equity (Re)9.59%(Rf 4.30% + β 0.96 × 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)42.33%

Debt weight (D/V)57.67%

Results

Current Price$6.10

Implied Near-term FCF Growth-4.6%

Historical Revenue Growth-1.2%

Historical Earnings Growth—

Base FCF (TTM)$30.01M

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: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$6.10

Upside / Downside+62.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $213.30M

Target EV/EBITDA multipleCurrent: 5.4×

Net Debt($B)Default: $614.90M

Results

Implied Equity Value / share$6.44

Current Price$6.10

Upside / Downside+5.6%

Implied EV$1.16B

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

Mult \ Net Debt	-$1.39B	-$385.10M	$614.90M	$1.61B	$2.61B
1.4x	$19.98	$8.17	$-3.64	$-15.45	$-27.26
3.4x	$25.02	$13.21	$1.40	$-10.41	$-22.22
5.4x	$30.06	$18.25	$6.44	$-5.37	$-17.18
7.4x	$35.10	$23.29	$11.48	$-0.33	$-12.14
9.4x	$40.14	$28.33	$16.52	$4.71	$-7.11

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