WNC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.28)
DCF	$126.72	+1266.2%
Graham Number	$32.19	+247.1%
Reverse DCF	—	implied g: -20.0%
DDM	$6.59	-28.9%
EV/EBITDA	$9.89	+6.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $317.35M

Near-term growth (yrs 1–5)(%)Rev: -22.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.84%

Computed WACC: 5.84%

Cost of equity (Re)13.29%(Rf 4.30% + β 1.64 × 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)43.94%

Debt weight (D/V)56.06%

Results

Intrinsic Value / share$258.69

Current Price$9.28

Upside / Downside+2689.2%

Net Debt (used)$447.43M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$127.90	$156.01	$188.70	$226.54	$270.12
8.0%	$103.18	$125.79	$152.07	$182.44	$217.38
9.0%	$86.04	$104.87	$126.72	$151.94	$180.91
10.0%	$73.46	$89.53	$108.14	$129.59	$154.21
11.0%	$63.83	$77.79	$93.93	$112.52	$133.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.07

Book Value / share($)Yahoo: $9.09

Results

Graham Number$32.19

Current Price$9.28

Margin of Safety+247.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.84%

Terminal growth rate(%)

Computed WACC: 5.84%

Cost of equity (Re)13.29%(Rf 4.30% + β 1.64 × 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)43.94%

Debt weight (D/V)56.06%

Results

Current Price$9.28

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-22.9%

Historical Earnings Growth—

Base FCF (TTM)$317.35M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$9.28

Upside / Downside-28.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $380.31M

Target EV/EBITDA multipleCurrent: 2.2×

Net Debt($B)Default: $447.43M

Results

Implied Equity Value / share$9.89

Current Price$9.28

Upside / Downside+6.6%

Implied EV$847.33M

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

Mult \ Net Debt	-$1.55B	-$552.57M	$447.43M	$1.45B	$2.45B
-1.8x	$21.73	$-3.00	$-27.73	$-52.46	$-77.19
0.2x	$40.54	$15.81	$-8.92	$-33.65	$-58.38
2.2x	$59.35	$34.62	$9.89	$-14.84	$-39.57
4.2x	$78.16	$53.43	$28.70	$3.97	$-20.76
6.2x	$96.97	$72.24	$47.51	$22.78	$-1.95

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