VIRC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.33)
DCF	$-10.45	-265.0%
Graham Number	$6.49	+2.6%
Reverse DCF	—	—
DDM	$2.06	-67.5%
EV/EBITDA	$6.33	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$8.51M

Near-term growth (yrs 1–5)(%)Rev: -42.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.79%

Computed WACC: 5.79%

Cost of equity (Re)5.51%(Rf 4.30% + β 0.22 × ERP 5.50%)

Cost of debt (Rd)8.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)70.47%

Debt weight (D/V)29.53%

Results

Intrinsic Value / share$-19.80

Current Price$6.33

Upside / Downside-412.9%

Net Debt (used)$15.29M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-10.53	$-12.46	$-14.71	$-17.31	$-20.31
8.0%	$-8.83	$-10.38	$-12.19	$-14.28	$-16.68
9.0%	$-7.65	$-8.94	$-10.45	$-12.18	$-14.17
10.0%	$-6.78	$-7.89	$-9.17	$-10.64	$-12.34
11.0%	$-6.12	$-7.08	$-8.19	$-9.47	$-10.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.26

Book Value / share($)Yahoo: $7.21

Results

Graham Number$6.49

Current Price$6.33

Margin of Safety+2.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.79%

Terminal growth rate(%)

Computed WACC: 5.79%

Cost of equity (Re)5.51%(Rf 4.30% + β 0.22 × ERP 5.50%)

Cost of debt (Rd)8.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)70.47%

Debt weight (D/V)29.53%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$6.33

Implied Near-term FCF Growth—

Historical Revenue Growth-42.3%

Historical Earnings Growth—

Base FCF (TTM)-$8.51M

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: $0.10

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.06

Current Price$6.33

Upside / Downside-67.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $11.41M

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $15.29M

Results

Implied Equity Value / share$6.33

Current Price$6.33

Upside / Downside+0.0%

Implied EV$115.06M

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

Mult \ Net Debt	-$1.98B	-$984.71M	$15.29M	$1.02B	$2.02B
6.1x	$130.33	$66.88	$3.43	$-60.01	$-123.46
8.1x	$131.78	$68.33	$4.88	$-58.56	$-122.01
10.1x	$133.22	$69.78	$6.33	$-57.12	$-120.56
12.1x	$134.67	$71.22	$7.78	$-55.67	$-119.12
14.1x	$136.12	$72.67	$9.23	$-54.22	$-117.67

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