XXII — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.00)
DCF	$-589.55	-14838.8%
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: -$17.34M

Near-term growth (yrs 1–5)(%)Rev: -40.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.18%

Computed WACC: 6.18%

Cost of equity (Re)9.74%(Rf 4.30% + β 0.99 × 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)63.46%

Debt weight (D/V)36.54%

Results

Intrinsic Value / share$-1052.47

Current Price$4.00

Upside / Downside-26411.9%

Net Debt (used)-$3.67M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-594.68	$-716.39	$-857.99	$-1021.87	$-1210.63
8.0%	$-487.58	$-585.55	$-699.34	$-830.87	$-982.19
9.0%	$-413.37	$-494.94	$-589.55	$-698.76	$-824.25
10.0%	$-358.89	$-428.48	$-509.07	$-601.98	$-708.62
11.0%	$-317.18	$-377.64	$-447.56	$-528.06	$-620.34

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-36.86

Book Value / share($)Yahoo: $39.44

Results

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

Graham Number—

Current Price$4.00

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.18%

Terminal growth rate(%)

Computed WACC: 6.18%

Cost of equity (Re)9.74%(Rf 4.30% + β 0.99 × 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)63.46%

Debt weight (D/V)36.54%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$4.00

Implied Near-term FCF Growth—

Historical Revenue Growth-40.4%

Historical Earnings Growth—

Base FCF (TTM)-$17.34M

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$4.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$11.79M

Target EV/EBITDA multipleCurrent: -0.1×

Net Debt($B)Default: -$3.67M

Results

Implied Equity Value / share$9.32

Current Price$4.00

Upside / Downside+133.0%

Implied EV$1.08M

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