VECO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($31.88)
DCF	$13.95	-56.3%
Graham Number	$16.55	-48.1%
Reverse DCF	—	implied g: 21.0%
DDM	—	—
EV/EBITDA	$32.73	+2.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $40.59M

Near-term growth (yrs 1–5)(%)Rev: -9.4% / EPS: -92.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.86%

Computed WACC: 9.86%

Cost of equity (Re)10.86%(Rf 4.30% + β 1.19 × ERP 5.50%)

Cost of debt (Rd)3.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.00%

Debt weight (D/V)12.00%

Results

Intrinsic Value / share$12.55

Current Price$31.88

Upside / Downside-60.6%

Net Debt (used)-$128.22M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$14.05	$16.46	$19.26	$22.51	$26.25
8.0%	$11.93	$13.87	$16.12	$18.73	$21.72
9.0%	$10.46	$12.07	$13.95	$16.11	$18.59
10.0%	$9.38	$10.76	$12.35	$14.19	$16.30
11.0%	$8.55	$9.75	$11.13	$12.73	$14.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.83

Book Value / share($)Yahoo: $14.66

Results

Graham Number$16.55

Current Price$31.88

Margin of Safety-48.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.86%

Terminal growth rate(%)

Computed WACC: 9.86%

Cost of equity (Re)10.86%(Rf 4.30% + β 1.19 × ERP 5.50%)

Cost of debt (Rd)3.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.00%

Debt weight (D/V)12.00%

Results

Current Price$31.88

Implied Near-term FCF Growth23.6%

Historical Revenue Growth-9.4%

Historical Earnings Growth-92.9%

Base FCF (TTM)$40.59M

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$31.88

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $65.56M

Target EV/EBITDA multipleCurrent: 28.1×

Net Debt($B)Default: -$128.22M

Results

Implied Equity Value / share$32.73

Current Price$31.88

Upside / Downside+2.7%

Implied EV$1.85B

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

Mult \ Net Debt	-$2.13B	-$1.13B	-$128.22M	$871.78M	$1.87B
24.1x	$61.55	$44.97	$28.38	$11.80	$-4.79
26.1x	$63.73	$47.14	$30.56	$13.97	$-2.61
28.1x	$65.90	$49.32	$32.73	$16.15	$-0.44
30.1x	$68.07	$51.49	$34.91	$18.32	$1.74
32.1x	$70.25	$53.66	$37.08	$20.50	$3.91

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