USNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.66)
DCF	$7.90	-59.8%
Graham Number	$19.50	-0.8%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$23.02	+17.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 5.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.57%

Computed WACC: 7.57%

Cost of equity (Re)7.80%(Rf 4.30% + β 0.64 × ERP 5.50%)

Cost of debt (Rd)1.87%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)96.25%

Debt weight (D/V)3.75%

Results

Intrinsic Value / share$7.90

Current Price$19.66

Upside / Downside-59.8%

Net Debt (used)-$144.38M

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

WACC \ Near-term	-2.1%	1.9%	5.9%	9.9%	13.9%
7.0%	$7.90	$7.90	$7.90	$7.90	$7.90
8.0%	$7.90	$7.90	$7.90	$7.90	$7.90
9.0%	$7.90	$7.90	$7.90	$7.90	$7.90
10.0%	$7.90	$7.90	$7.90	$7.90	$7.90
11.0%	$7.90	$7.90	$7.90	$7.90	$7.90

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.58

Book Value / share($)Yahoo: $29.13

Results

Graham Number$19.50

Current Price$19.66

Margin of Safety-0.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.57%

Terminal growth rate(%)

Computed WACC: 7.57%

Cost of equity (Re)7.80%(Rf 4.30% + β 0.64 × ERP 5.50%)

Cost of debt (Rd)1.87%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)96.25%

Debt weight (D/V)3.75%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$19.66

Implied Near-term FCF Growth—

Historical Revenue Growth5.9%

Historical Earnings Growth—

Base FCF (TTM)—

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$19.66

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $82.86M

Target EV/EBITDA multipleCurrent: 3.3×

Net Debt($B)Default: -$144.38M

Results

Implied Equity Value / share$23.02

Current Price$19.66

Upside / Downside+17.1%

Implied EV$276.51M

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

Mult \ Net Debt	-$2.14B	-$1.14B	-$144.38M	$855.62M	$1.86B
-0.7x	$114.30	$59.59	$4.89	$-49.81	$-104.51
1.3x	$123.36	$68.66	$13.96	$-40.74	$-95.45
3.3x	$132.43	$77.73	$23.02	$-31.68	$-86.38
5.3x	$141.49	$86.79	$32.09	$-22.61	$-77.31
7.3x	$150.56	$95.86	$41.15	$-13.55	$-68.25

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