VCEL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($35.36)
DCF	$16.75	-52.6%
Graham Number	$6.40	-81.9%
Reverse DCF	—	implied g: 37.5%
DDM	—	—
EV/EBITDA	$35.49	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $16.05M

Near-term growth (yrs 1–5)(%)Rev: 23.3% / EPS: 18.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.31%

Computed WACC: 10.31%

Cost of equity (Re)10.87%(Rf 4.30% + β 1.19 × 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)94.86%

Debt weight (D/V)5.14%

Results

Intrinsic Value / share$13.66

Current Price$35.36

Upside / Downside-61.4%

Net Debt (used)-$40.61M

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

WACC \ Near-term	15.3%	19.3%	23.3%	27.3%	31.3%
7.0%	$18.45	$21.59	$25.16	$29.23	$33.83
8.0%	$14.89	$17.36	$20.19	$23.40	$27.02
9.0%	$12.44	$14.47	$16.77	$19.39	$22.35
10.0%	$10.66	$12.36	$14.29	$16.49	$18.96
11.0%	$9.31	$10.77	$12.42	$14.28	$16.39

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.26

Book Value / share($)Yahoo: $7.01

Results

Graham Number$6.40

Current Price$35.36

Margin of Safety-81.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.31%

Terminal growth rate(%)

Computed WACC: 10.31%

Cost of equity (Re)10.87%(Rf 4.30% + β 1.19 × 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)94.86%

Debt weight (D/V)5.14%

Results

Current Price$35.36

Implied Near-term FCF Growth42.1%

Historical Revenue Growth23.3%

Historical Earnings Growth18.9%

Base FCF (TTM)$16.05M

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$35.36

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $22.59M

Target EV/EBITDA multipleCurrent: 77.7×

Net Debt($B)Default: -$40.61M

Results

Implied Equity Value / share$35.49

Current Price$35.36

Upside / Downside+0.4%

Implied EV$1.75B

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

Mult \ Net Debt	-$2.04B	-$1.04B	-$40.61M	$959.39M	$1.96B
73.7x	$73.25	$53.48	$33.71	$13.93	$-5.84
75.7x	$74.15	$54.37	$34.60	$14.83	$-4.95
77.7x	$75.04	$55.27	$35.49	$15.72	$-4.05
79.7x	$75.93	$56.16	$36.39	$16.61	$-3.16
81.7x	$76.82	$57.05	$37.28	$17.51	$-2.27

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