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Hi Fletch,

Not getting the same numbers you are. Not sure why.

Liquidity Services (LQDT)

Latest stock price $16.73

Predicted price $16.73

Discount rate 12.0%
TTM Earnings $31
Growth 1-5 11.1%
Growth 5-10 5.5%
Growth term 0.0%
# shares 27.1

At 15% discount, rates much higher (16.4% / 8.2% / 0%).

As a check, I've got (rounding to whole numbers) $34 M in year 1 (discounted to $30), $55 M in Yr 6 (discounted $28), and $564 M in Terminal (discounted $181).

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