VNCE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.98)
DCF	$-18.87	-733.1%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$2.98	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$5.88M

Near-term growth (yrs 1–5)(%)Rev: 6.2% / EPS: -39.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.48%

Computed WACC: 14.48%

Cost of equity (Re)7.45%(Rf 4.30% + β 0.57 × ERP 5.50%)

Cost of debt (Rd)20.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)21.87%

Debt weight (D/V)78.13%

Results

Intrinsic Value / share$-14.99

Current Price$2.98

Upside / Downside-602.9%

Net Debt (used)$140.94M

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

WACC \ Near-term	-1.8%	2.2%	6.2%	10.2%	14.2%
7.0%	$-18.99	$-20.68	$-22.65	$-24.92	$-27.53
8.0%	$-17.48	$-18.84	$-20.41	$-22.23	$-24.32
9.0%	$-16.43	$-17.56	$-18.87	$-20.37	$-22.11
10.0%	$-15.66	$-16.62	$-17.73	$-19.01	$-20.48
11.0%	$-15.07	$-15.90	$-16.87	$-17.98	$-19.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.48

Book Value / share($)Yahoo: $4.00

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$2.98

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.48%

Terminal growth rate(%)

Computed WACC: 14.48%

Cost of equity (Re)7.45%(Rf 4.30% + β 0.57 × ERP 5.50%)

Cost of debt (Rd)20.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)21.87%

Debt weight (D/V)78.13%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.98

Implied Near-term FCF Growth—

Historical Revenue Growth6.2%

Historical Earnings Growth-39.0%

Base FCF (TTM)-$5.88M

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$2.98

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $17.63M

Target EV/EBITDA multipleCurrent: 10.3×

Net Debt($B)Default: $140.94M

Results

Implied Equity Value / share$2.98

Current Price$2.98

Upside / Downside+0.0%

Implied EV$180.70M

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

Mult \ Net Debt	-$1.86B	-$859.06M	$140.94M	$1.14B	$2.14B
6.3x	$147.63	$72.66	$-2.31	$-77.27	$-152.24
8.3x	$150.27	$75.30	$0.34	$-74.63	$-149.59
10.3x	$152.91	$77.95	$2.98	$-71.99	$-146.95
12.3x	$155.55	$80.59	$5.62	$-69.34	$-144.31
14.3x	$158.20	$83.23	$8.27	$-66.70	$-141.67

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