VNRX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.20)
DCF	$-18.81	-9377.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$30.99M

Near-term growth (yrs 1–5)(%)Rev: 32.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.36%

Computed WACC: 8.36%

Cost of equity (Re)11.79%(Rf 4.30% + β 1.36 × 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)70.94%

Debt weight (D/V)29.06%

Results

Intrinsic Value / share$-21.32

Current Price$0.20

Upside / Downside-10616.1%

Net Debt (used)$11.06M

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

WACC \ Near-term	24.2%	28.2%	32.2%	36.2%	40.2%
7.0%	$-21.51	$-25.08	$-29.11	$-33.66	$-38.76
8.0%	$-17.03	$-19.83	$-22.99	$-26.56	$-30.56
9.0%	$-13.96	$-16.23	$-18.81	$-21.70	$-24.95
10.0%	$-11.73	$-13.63	$-15.77	$-18.18	$-20.89
11.0%	$-10.05	$-11.66	$-13.48	$-15.53	$-17.82

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.23

Book Value / share($)Yahoo: $-0.32

Results

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

Graham Number—

Current Price$0.20

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.36%

Terminal growth rate(%)

Computed WACC: 8.36%

Cost of equity (Re)11.79%(Rf 4.30% + β 1.36 × 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)70.94%

Debt weight (D/V)29.06%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$0.20

Implied Near-term FCF Growth—

Historical Revenue Growth32.2%

Historical Earnings Growth—

Base FCF (TTM)-$30.99M

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$0.20

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$21.65M

Target EV/EBITDA multipleCurrent: -1.6×

Net Debt($B)Default: $11.06M

Results

Implied Equity Value / share$0.17

Current Price$0.20

Upside / Downside-14.2%

Implied EV$34.64M

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