XRN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.16)
DCF	$-48.09	-233.0%
Graham Number	—	—
Reverse DCF	—	—
DDM	$61.80	+70.9%
EV/EBITDA	$44.95	+24.3%

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(%)Computed: 6.56%

Computed WACC: 6.56%

Cost of equity (Re)10.92%(Rf 4.30% + β 1.20 × 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)60.10%

Debt weight (D/V)39.90%

Results

Intrinsic Value / share$-48.09

Current Price$36.16

Upside / Downside-233.0%

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%	$-48.09	$-48.09	$-48.09	$-48.09	$-48.09
8.0%	$-48.09	$-48.09	$-48.09	$-48.09	$-48.09
9.0%	$-48.09	$-48.09	$-48.09	$-48.09	$-48.09
10.0%	$-48.09	$-48.09	$-48.09	$-48.09	$-48.09
11.0%	$-48.09	$-48.09	$-48.09	$-48.09	$-48.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.26

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$36.16

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.56%

Terminal growth rate(%)

Computed WACC: 6.56%

Cost of equity (Re)10.92%(Rf 4.30% + β 1.20 × 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)60.10%

Debt weight (D/V)39.90%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$36.16

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: $3.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$61.80

Current Price$36.16

Upside / Downside+70.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $90.48M

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $644.77M

Results

Implied Equity Value / share$44.95

Current Price$36.16

Upside / Downside+24.3%

Implied EV$1.25B

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

Mult \ Net Debt	-$1.36B	-$355.23M	$644.77M	$1.64B	$2.64B
9.8x	$167.13	$92.55	$17.96	$-56.63	$-131.21
11.8x	$180.63	$106.04	$31.46	$-43.13	$-117.71
13.8x	$194.13	$119.54	$44.95	$-29.63	$-104.22
15.8x	$207.62	$133.04	$58.45	$-16.13	$-90.72
17.8x	$221.12	$146.54	$71.95	$-2.64	$-77.22

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