XRN-PB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.89)
DCF	$-644768032.00	-2590064461.1%
Graham Number	—	—
Reverse DCF	—	—
DDM	$18.33	-26.4%
EV/EBITDA	$475777402.88	+1911220732.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 9.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Default: 9% (no SEC data)

Results

Intrinsic Value / share$-644768032.00

Current Price$24.89

Upside / Downside-2590064461.1%

Net Debt (used)$644.77M

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

WACC \ Near-term	1.2%	5.2%	9.2%	13.2%	17.2%
7.0%	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00
8.0%	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00
9.0%	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00
10.0%	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00
11.0%	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00	$-644768032.00

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: —

Book Value / share($)Yahoo: $29.14

Results

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

Graham Number—

Current Price$24.89

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Default: 9% (no SEC data)

Terminal growth rate(%)

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$24.89

Implied Near-term FCF Growth—

Historical Revenue Growth9.2%

Historical Earnings Growth—

Base FCF (TTM)—

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: $0.89

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.33

Current Price$24.89

Upside / Downside-26.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $90.48M

Target EV/EBITDA multipleCurrent: 12.4×

Net Debt($B)Default: $644.77M

Results

Implied Equity Value / share$475777402.88

Current Price$24.89

Upside / Downside+1911220732.7%

Implied EV$1.12B

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

Mult \ Net Debt	-$1.36B	-$355.23M	$644.77M	$1.64B	$2.64B
8.4x	$2113844122.88	$1113844122.88	$113844122.88	$-886155877.12	$-1886155877.12
10.4x	$2294810762.88	$1294810762.88	$294810762.88	$-705189237.12	$-1705189237.12
12.4x	$2475777402.88	$1475777402.88	$475777402.88	$-524222597.12	$-1524222597.12
14.4x	$2656744042.88	$1656744042.88	$656744042.88	$-343255957.12	$-1343255957.12
16.4x	$2837710682.88	$1837710682.88	$837710682.88	$-162289317.12	$-1162289317.12

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