WTTR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.52)
DCF	$-16.21	-219.9%
Graham Number	$6.02	-55.4%
Reverse DCF	—	—
DDM	$5.77	-57.3%
EV/EBITDA	$13.10	-3.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$90.57M

Near-term growth (yrs 1–5)(%)Rev: -0.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.41%

Computed WACC: 8.41%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.04 × 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)83.74%

Debt weight (D/V)16.26%

Results

Intrinsic Value / share$-17.56

Current Price$13.52

Upside / Downside-229.9%

Net Debt (used)$336.44M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-16.32	$-19.05	$-22.22	$-25.90	$-30.13
8.0%	$-13.92	$-16.12	$-18.67	$-21.62	$-25.01
9.0%	$-12.26	$-14.09	$-16.21	$-18.66	$-21.47
10.0%	$-11.04	$-12.60	$-14.40	$-16.49	$-18.88
11.0%	$-10.10	$-11.46	$-13.02	$-14.83	$-16.90

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.21

Book Value / share($)Yahoo: $7.68

Results

Graham Number$6.02

Current Price$13.52

Margin of Safety-55.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.41%

Terminal growth rate(%)

Computed WACC: 8.41%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.04 × 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)83.74%

Debt weight (D/V)16.26%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$13.52

Implied Near-term FCF Growth—

Historical Revenue Growth-0.7%

Historical Earnings Growth—

Base FCF (TTM)-$90.57M

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: $0.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.77

Current Price$13.52

Upside / Downside-57.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $219.05M

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $336.44M

Results

Implied Equity Value / share$13.10

Current Price$13.52

Upside / Downside-3.1%

Implied EV$1.89B

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

Mult \ Net Debt	-$1.66B	-$663.56M	$336.44M	$1.34B	$2.34B
4.6x	$22.55	$14.14	$5.72	$-2.69	$-11.10
6.6x	$26.24	$17.82	$9.41	$1.00	$-7.42
8.6x	$29.92	$21.51	$13.10	$4.68	$-3.73
10.6x	$33.61	$25.19	$16.78	$8.37	$-0.05
12.6x	$37.29	$28.88	$20.47	$12.05	$3.64

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