WVVIP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.02)
DCF	$-6.53	-316.1%
Graham Number	$3.71	+23.0%
Reverse DCF	—	—
DDM	$4.53	+50.1%
EV/EBITDA	$12.53	+315.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$190,545

Near-term growth (yrs 1–5)(%)Rev: -10.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.18%

Computed WACC: 7.18%

Cost of equity (Re)6.04%(Rf 4.30% + β 0.32 × ERP 5.50%)

Cost of debt (Rd)10.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)43.93%

Debt weight (D/V)56.07%

Results

Intrinsic Value / share$-6.79

Current Price$3.02

Upside / Downside-324.9%

Net Debt (used)$29.06M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-6.53	$-6.67	$-6.83	$-7.01	$-7.23
8.0%	$-6.41	$-6.52	$-6.65	$-6.80	$-6.97
9.0%	$-6.33	$-6.42	$-6.53	$-6.65	$-6.79
10.0%	$-6.27	$-6.34	$-6.44	$-6.54	$-6.66
11.0%	$-6.22	$-6.29	$-6.37	$-6.46	$-6.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.14

Book Value / share($)Yahoo: $4.54

Results

Graham Number$3.71

Current Price$3.02

Margin of Safety+23.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.18%

Terminal growth rate(%)

Computed WACC: 7.18%

Cost of equity (Re)6.04%(Rf 4.30% + β 0.32 × ERP 5.50%)

Cost of debt (Rd)10.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)43.93%

Debt weight (D/V)56.07%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$3.02

Implied Near-term FCF Growth—

Historical Revenue Growth-10.9%

Historical Earnings Growth—

Base FCF (TTM)-$190,545

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: $0.22

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.53

Current Price$3.02

Upside / Downside+50.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.19M

Target EV/EBITDA multipleCurrent: 41.7×

Net Debt($B)Default: $29.06M

Results

Implied Equity Value / share$12.53

Current Price$3.02

Upside / Downside+315.0%

Implied EV$91.28M

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

Mult \ Net Debt	-$1.97B	-$970.94M	$29.06M	$1.03B	$2.03B
37.7x	$413.63	$212.20	$10.77	$-190.66	$-392.09
39.7x	$414.51	$213.08	$11.65	$-189.78	$-391.21
41.7x	$415.39	$213.96	$12.53	$-188.90	$-390.32
43.7x	$416.27	$214.84	$13.42	$-188.01	$-389.44
45.7x	$417.15	$215.73	$14.30	$-187.13	$-388.56

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