VTOL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.55)
DCF	$-2.24	-104.9%
Graham Number	$62.50	+37.2%
Reverse DCF	—	implied g: 28.5%
DDM	$10.30	-77.4%
EV/EBITDA	$45.98	+0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $28.97M

Near-term growth (yrs 1–5)(%)Rev: 6.7% / EPS: -42.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.03%

Computed WACC: 7.03%

Cost of equity (Re)11.90%(Rf 4.30% + β 1.38 × 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)59.06%

Debt weight (D/V)40.94%

Results

Intrinsic Value / share$6.52

Current Price$45.55

Upside / Downside-85.7%

Net Debt (used)$626.83M

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

WACC \ Near-term	-1.3%	2.7%	6.7%	10.7%	14.7%
7.0%	$-1.85	$2.11	$6.72	$12.04	$18.15
8.0%	$-5.44	$-2.25	$1.44	$5.70	$10.59
9.0%	$-7.92	$-5.28	$-2.21	$1.32	$5.37
10.0%	$-9.74	$-7.49	$-4.88	$-1.89	$1.55
11.0%	$-11.13	$-9.18	$-6.92	$-4.33	$-1.36

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.78

Book Value / share($)Yahoo: $36.32

Results

Graham Number$62.50

Current Price$45.55

Margin of Safety+37.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.03%

Terminal growth rate(%)

Computed WACC: 7.03%

Cost of equity (Re)11.90%(Rf 4.30% + β 1.38 × 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)59.06%

Debt weight (D/V)40.94%

Results

Current Price$45.55

Implied Near-term FCF Growth21.2%

Historical Revenue Growth6.7%

Historical Earnings Growth-42.7%

Base FCF (TTM)$28.97M

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: $0.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.30

Current Price$45.55

Upside / Downside-77.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $225.17M

Target EV/EBITDA multipleCurrent: 8.7×

Net Debt($B)Default: $626.83M

Results

Implied Equity Value / share$45.98

Current Price$45.55

Upside / Downside+0.9%

Implied EV$1.96B

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

Mult \ Net Debt	-$1.37B	-$373.17M	$626.83M	$1.63B	$2.63B
4.7x	$83.99	$49.41	$14.83	$-19.74	$-54.32
6.7x	$99.56	$64.98	$30.40	$-4.17	$-38.75
8.7x	$115.13	$80.55	$45.98	$11.40	$-23.18
10.7x	$130.70	$96.13	$61.55	$26.97	$-7.61
12.7x	$146.28	$111.70	$77.12	$42.54	$7.96

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