XRAY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.31)
DCF	$-0.61	-104.2%
Graham Number	—	—
Reverse DCF	—	implied g: 22.0%
DDM	$13.18	-7.9%
EV/EBITDA	$14.33	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $106.38M

Near-term growth (yrs 1–5)(%)Rev: 6.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.04%

Computed WACC: 5.04%

Cost of equity (Re)9.41%(Rf 4.30% + β 0.93 × 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)53.53%

Debt weight (D/V)46.47%

Results

Intrinsic Value / share$15.47

Current Price$14.31

Upside / Downside+8.1%

Net Debt (used)$2.13B

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

WACC \ Near-term	-1.8%	2.2%	6.2%	10.2%	14.2%
7.0%	$-0.45	$1.59	$3.97	$6.72	$9.88
8.0%	$-2.29	$-0.64	$1.26	$3.47	$6.00
9.0%	$-3.56	$-2.19	$-0.61	$1.22	$3.31
10.0%	$-4.49	$-3.33	$-1.98	$-0.43	$1.35
11.0%	$-5.20	$-4.19	$-3.03	$-1.68	$-0.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.40

Book Value / share($)Yahoo: $6.71

Results

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

Graham Number—

Current Price$14.31

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.04%

Terminal growth rate(%)

Computed WACC: 5.04%

Cost of equity (Re)9.41%(Rf 4.30% + β 0.93 × 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)53.53%

Debt weight (D/V)46.47%

Results

Current Price$14.31

Implied Near-term FCF Growth5.5%

Historical Revenue Growth6.2%

Historical Earnings Growth—

Base FCF (TTM)$106.38M

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: $0.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.18

Current Price$14.31

Upside / Downside-7.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $597.00M

Target EV/EBITDA multipleCurrent: 8.3×

Net Debt($B)Default: $2.13B

Results

Implied Equity Value / share$14.33

Current Price$14.31

Upside / Downside+0.1%

Implied EV$4.98B

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

Mult \ Net Debt	$125.00M	$1.13B	$2.13B	$3.13B	$4.13B
4.3x	$12.38	$7.37	$2.36	$-2.65	$-7.66
6.3x	$18.37	$13.36	$8.35	$3.33	$-1.68
8.3x	$24.35	$19.34	$14.33	$9.32	$4.31
10.3x	$30.33	$25.32	$20.31	$15.30	$10.29
12.3x	$36.32	$31.31	$26.30	$21.28	$16.27

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