ZETA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.38)
DCF	$87.59	+404.0%
Graham Number	—	—
Reverse DCF	—	implied g: -3.0%
DDM	—	—
EV/EBITDA	$19.09	+9.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $342.92M

Near-term growth (yrs 1–5)(%)Rev: 25.4% / EPS: -51.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.71%

Computed WACC: 10.71%

Cost of equity (Re)11.25%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)0.19%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)95.15%

Debt weight (D/V)4.85%

Results

Intrinsic Value / share$66.29

Current Price$17.38

Upside / Downside+281.4%

Net Debt (used)-$102.02M

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

WACC \ Near-term	17.4%	21.4%	25.4%	29.4%	33.4%
7.0%	$97.55	$114.55	$133.90	$155.83	$180.60
8.0%	$77.77	$91.18	$106.43	$123.71	$143.21
9.0%	$64.20	$75.15	$87.59	$101.67	$117.57
10.0%	$54.34	$63.50	$73.91	$85.68	$98.96
11.0%	$46.88	$54.69	$63.56	$73.58	$84.89

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.08

Book Value / share($)Yahoo: $3.29

Results

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

Graham Number—

Current Price$17.38

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.71%

Terminal growth rate(%)

Computed WACC: 10.71%

Cost of equity (Re)11.25%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)0.19%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)95.15%

Debt weight (D/V)4.85%

Results

Current Price$17.38

Implied Near-term FCF Growth0.8%

Historical Revenue Growth25.4%

Historical Earnings Growth-51.1%

Base FCF (TTM)$342.92M

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$17.38

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $80.27M

Target EV/EBITDA multipleCurrent: 51.6×

Net Debt($B)Default: -$102.02M

Results

Implied Equity Value / share$19.09

Current Price$17.38

Upside / Downside+9.8%

Implied EV$4.14B

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

Mult \ Net Debt	-$2.10B	-$1.10B	-$102.02M	$897.98M	$1.90B
47.6x	$26.65	$22.15	$17.65	$13.15	$8.65
49.6x	$27.37	$22.87	$18.37	$13.87	$9.37
51.6x	$28.09	$23.59	$19.09	$14.59	$10.09
53.6x	$28.81	$24.31	$19.81	$15.31	$10.81
55.6x	$29.53	$25.04	$20.54	$16.04	$11.54

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