VPG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.07)
DCF	$33.04	-28.3%
Graham Number	$15.10	-67.2%
Reverse DCF	—	implied g: 17.2%
DDM	—	—
EV/EBITDA	$49.97	+8.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $14.61M

Near-term growth (yrs 1–5)(%)Rev: 10.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.55%

Computed WACC: 8.55%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × 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)93.22%

Debt weight (D/V)6.78%

Results

Intrinsic Value / share$35.46

Current Price$46.07

Upside / Downside-23.0%

Net Debt (used)-$42.89M

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

WACC \ Near-term	2.9%	6.9%	10.9%	14.9%	18.9%
7.0%	$34.33	$40.32	$47.25	$55.22	$64.34
8.0%	$28.55	$33.34	$38.87	$45.22	$52.49
9.0%	$24.57	$28.53	$33.09	$38.33	$44.32
10.0%	$21.65	$25.01	$28.87	$33.30	$38.36
11.0%	$19.43	$22.32	$25.66	$29.47	$33.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.40

Book Value / share($)Yahoo: $25.33

Results

Graham Number$15.10

Current Price$46.07

Margin of Safety-67.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.55%

Terminal growth rate(%)

Computed WACC: 8.55%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × 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)93.22%

Debt weight (D/V)6.78%

Results

Current Price$46.07

Implied Near-term FCF Growth15.9%

Historical Revenue Growth10.9%

Historical Earnings Growth—

Base FCF (TTM)$14.61M

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$46.07

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $25.19M

Target EV/EBITDA multipleCurrent: 22.6×

Net Debt($B)Default: -$42.89M

Results

Implied Equity Value / share$49.97

Current Price$46.07

Upside / Downside+8.5%

Implied EV$569.59M

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

Mult \ Net Debt	-$2.04B	-$1.04B	-$42.89M	$957.11M	$1.96B
18.6x	$204.93	$123.34	$41.75	$-39.84	$-121.43
20.6x	$209.04	$127.45	$45.86	$-35.73	$-117.32
22.6x	$213.16	$131.56	$49.97	$-31.62	$-113.21
24.6x	$217.27	$135.68	$54.08	$-27.51	$-109.10
26.6x	$221.38	$139.79	$58.20	$-23.40	$-104.99

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