VRNS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.16)
DCF	$45.11	+94.8%
Graham Number	—	—
Reverse DCF	—	implied g: -3.3%
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: $215.75M

Near-term growth (yrs 1–5)(%)Rev: 9.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.67%

Computed WACC: 6.67%

Cost of equity (Re)7.94%(Rf 4.30% + β 0.66 × 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)83.96%

Debt weight (D/V)16.04%

Results

Intrinsic Value / share$69.85

Current Price$23.16

Upside / Downside+201.6%

Net Debt (used)-$399.22M

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

WACC \ Near-term	1.4%	5.4%	9.4%	13.4%	17.4%
7.0%	$46.51	$54.97	$64.78	$76.07	$89.01
8.0%	$38.53	$45.31	$53.14	$62.16	$72.49
9.0%	$33.02	$38.63	$45.11	$52.57	$61.09
10.0%	$28.98	$33.75	$39.24	$45.55	$52.77
11.0%	$25.90	$30.02	$34.77	$40.21	$46.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.13

Book Value / share($)Yahoo: $5.09

Results

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

Graham Number—

Current Price$23.16

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.67%

Terminal growth rate(%)

Computed WACC: 6.67%

Cost of equity (Re)7.94%(Rf 4.30% + β 0.66 × 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)83.96%

Debt weight (D/V)16.04%

Results

Current Price$23.16

Implied Near-term FCF Growth-9.6%

Historical Revenue Growth9.4%

Historical Earnings Growth—

Base FCF (TTM)$215.75M

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$23.16

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$134.21M

Target EV/EBITDA multipleCurrent: -17.2×

Net Debt($B)Default: -$399.22M

Results

Implied Equity Value / share$23.08

Current Price$23.16

Upside / Downside-0.3%

Implied EV$2.31B

← Overview Financial Statements ← Companies