VSTS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.86)
DCF	$-9.51	-220.9%
Graham Number	—	—
Reverse DCF	—	implied g: 62.3%
DDM	$2.88	-63.3%
EV/EBITDA	$7.86	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $6.37M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.71%

Computed WACC: 7.71%

Cost of equity (Re)9.55%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)8.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.42%

Debt weight (D/V)57.58%

Results

Intrinsic Value / share$-9.29

Current Price$7.86

Upside / Downside-218.2%

Net Debt (used)$1.37B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-9.50	$-9.33	$-9.12	$-8.89	$-8.62
8.0%	$-9.65	$-9.51	$-9.35	$-9.16	$-8.95
9.0%	$-9.76	$-9.64	$-9.51	$-9.35	$-9.17
10.0%	$-9.83	$-9.73	$-9.62	$-9.49	$-9.34
11.0%	$-9.89	$-9.81	$-9.71	$-9.59	$-9.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.37

Book Value / share($)Yahoo: $6.55

Results

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

Graham Number—

Current Price$7.86

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.71%

Terminal growth rate(%)

Computed WACC: 7.71%

Cost of equity (Re)9.55%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)8.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.42%

Debt weight (D/V)57.58%

Results

Current Price$7.86

Implied Near-term FCF Growth56.4%

Historical Revenue Growth-3.0%

Historical Earnings Growth—

Base FCF (TTM)$6.37M

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: $0.14

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.88

Current Price$7.86

Upside / Downside-63.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $210.91M

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: $1.37B

Results

Implied Equity Value / share$7.86

Current Price$7.86

Upside / Downside-0.0%

Implied EV$2.40B

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

Mult \ Net Debt	$1.37B	$1.37B	$1.37B	$1.37B	$1.37B
7.4x	$1.47	$1.47	$1.47	$1.47	$1.47
9.4x	$4.66	$4.66	$4.66	$4.66	$4.66
11.4x	$7.86	$7.86	$7.86	$7.86	$7.86
13.4x	$11.06	$11.06	$11.06	$11.06	$11.06
15.4x	$14.25	$14.25	$14.25	$14.25	$14.25

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