VFF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.45)
DCF	$15.66	+353.9%
Graham Number	$1.70	-50.7%
Reverse DCF	—	implied g: -6.1%
DDM	—	—
EV/EBITDA	$3.54	+2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $38.88M

Near-term growth (yrs 1–5)(%)Rev: 21.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.75%

Computed WACC: 10.75%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)7.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.05%

Debt weight (D/V)8.95%

Results

Intrinsic Value / share$11.95

Current Price$3.45

Upside / Downside+246.5%

Net Debt (used)-$43.37M

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

WACC \ Near-term	13.5%	17.5%	21.5%	25.5%	29.5%
7.0%	$17.16	$20.18	$23.64	$27.57	$32.03
8.0%	$13.80	$16.19	$18.93	$22.03	$25.55
9.0%	$11.49	$13.45	$15.69	$18.23	$21.10
10.0%	$9.81	$11.46	$13.33	$15.46	$17.87
11.0%	$8.54	$9.95	$11.55	$13.37	$15.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.05

Book Value / share($)Yahoo: $2.57

Results

Graham Number$1.70

Current Price$3.45

Margin of Safety-50.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.75%

Terminal growth rate(%)

Computed WACC: 10.75%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)7.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.05%

Debt weight (D/V)8.95%

Results

Current Price$3.45

Implied Near-term FCF Growth-2.4%

Historical Revenue Growth21.5%

Historical Earnings Growth—

Base FCF (TTM)$38.88M

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$3.45

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $25.04M

Target EV/EBITDA multipleCurrent: 14.6×

Net Debt($B)Default: -$43.37M

Results

Implied Equity Value / share$3.54

Current Price$3.45

Upside / Downside+2.5%

Implied EV$365.17M

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

Mult \ Net Debt	-$2.04B	-$1.04B	-$43.37M	$956.63M	$1.96B
10.6x	$19.98	$11.33	$2.67	$-5.99	$-14.64
12.6x	$20.42	$11.76	$3.10	$-5.55	$-14.21
14.6x	$20.85	$12.19	$3.54	$-5.12	$-13.78
16.6x	$21.28	$12.63	$3.97	$-4.69	$-13.34
18.6x	$21.72	$13.06	$4.40	$-4.25	$-12.91

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