VSAT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($47.24)
DCF	$11.75	-75.1%
Graham Number	—	—
Reverse DCF	—	implied g: 14.0%
DDM	—	—
EV/EBITDA	$47.70	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $400.58M

Near-term growth (yrs 1–5)(%)Rev: 3.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.49%

Computed WACC: 8.49%

Cost of equity (Re)12.30%(Rf 4.30% + β 1.45 × ERP 5.50%)

Cost of debt (Rd)6.18%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.61%

Debt weight (D/V)51.39%

Results

Intrinsic Value / share$16.21

Current Price$47.24

Upside / Downside-65.7%

Net Debt (used)$5.44B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$12.19	$22.75	$35.04	$49.26	$65.63
8.0%	$2.90	$11.40	$21.27	$32.68	$45.81
9.0%	$-3.54	$3.54	$11.75	$21.22	$32.11
10.0%	$-8.27	$-2.23	$4.76	$12.82	$22.08
11.0%	$-11.89	$-6.64	$-0.57	$6.41	$14.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.68

Book Value / share($)Yahoo: $33.65

Results

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

Graham Number—

Current Price$47.24

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.49%

Terminal growth rate(%)

Computed WACC: 8.49%

Cost of equity (Re)12.30%(Rf 4.30% + β 1.45 × ERP 5.50%)

Cost of debt (Rd)6.18%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.61%

Debt weight (D/V)51.39%

Results

Current Price$47.24

Implied Near-term FCF Growth12.4%

Historical Revenue Growth3.0%

Historical Earnings Growth—

Base FCF (TTM)$400.58M

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$47.24

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.39B

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $5.44B

Results

Implied Equity Value / share$47.70

Current Price$47.24

Upside / Downside+1.0%

Implied EV$11.92B

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

Mult \ Net Debt	$3.44B	$4.44B	$5.44B	$6.44B	$7.44B
4.6x	$21.48	$14.12	$6.76	$-0.61	$-7.97
6.6x	$41.95	$34.59	$27.23	$19.87	$12.50
8.6x	$62.42	$55.06	$47.70	$40.34	$32.97
10.6x	$82.89	$75.53	$68.17	$60.81	$53.44
12.6x	$103.36	$96.00	$88.64	$81.28	$73.91

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