XAIR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.89)
DCF	$-4196.09	-471199.9%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$18.65M

Near-term growth (yrs 1–5)(%)Rev: 104.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.88%

Computed WACC: 1.88%

Cost of equity (Re)6.62%(Rf 4.30% + β 0.42 × 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)28.45%

Debt weight (D/V)71.55%

Results

Intrinsic Value / share—

Current Price$0.89

Upside / Downside—

Net Debt (used)$11.93M

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

WACC \ Near-term	96.7%	100.7%	104.7%	108.7%	112.7%
7.0%	$-5632.17	$-6226.90	$-6870.88	$-7567.13	$-8318.77
8.0%	$-4323.17	$-4779.32	$-5273.23	$-5807.20	$-6383.63
9.0%	$-3435.34	$-3797.50	$-4189.63	$-4613.55	$-5071.17
10.0%	$-2798.81	$-3093.60	$-3412.77	$-3757.81	$-4130.25
11.0%	$-2323.79	$-2568.31	$-2833.04	$-3119.22	$-3428.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.47

Book Value / share($)Yahoo: $0.96

Results

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

Graham Number—

Current Price$0.89

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.88%

Terminal growth rate(%)

Computed WACC: 1.88%

Cost of equity (Re)6.62%(Rf 4.30% + β 0.42 × 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)28.45%

Debt weight (D/V)71.55%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$0.89

Implied Near-term FCF Growth—

Historical Revenue Growth104.7%

Historical Earnings Growth—

Base FCF (TTM)-$18.65M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$0.89

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$25.79M

Target EV/EBITDA multipleCurrent: -0.8×

Net Debt($B)Default: $11.93M

Results

Implied Equity Value / share$0.91

Current Price$0.89

Upside / Downside+1.8%

Implied EV$21.48M

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