AHH-PA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.98)
DCF	$24.04	+9.4%
Graham Number	$5.57	-74.7%
Reverse DCF	—	implied g: 4.3%
DDM	$34.81	+58.4%
EV/EBITDA	$31.99	+45.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $182.18M

Near-term growth (yrs 1–5)(%)Rev: -47.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.04%

Computed WACC: 4.04%

Cost of equity (Re)10.00%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)0.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)37.56%

Debt weight (D/V)62.44%

Results

Intrinsic Value / share$180.36

Current Price$21.98

Upside / Downside+720.6%

Net Debt (used)$1.59B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$24.45	$34.23	$45.60	$58.76	$73.91
8.0%	$15.85	$23.72	$32.86	$43.42	$55.57
9.0%	$9.89	$16.44	$24.04	$32.81	$42.89
10.0%	$5.52	$11.11	$17.58	$25.04	$33.60
11.0%	$2.17	$7.02	$12.64	$19.10	$26.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.24

Book Value / share($)Yahoo: $5.70

Results

Graham Number$5.57

Current Price$21.98

Margin of Safety-74.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.04%

Terminal growth rate(%)

Computed WACC: 4.04%

Cost of equity (Re)10.00%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)0.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)37.56%

Debt weight (D/V)62.44%

Results

Current Price$21.98

Implied Near-term FCF Growth-15.6%

Historical Revenue Growth-47.0%

Historical Earnings Growth—

Base FCF (TTM)$182.18M

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: $1.69

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$34.81

Current Price$21.98

Upside / Downside+58.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $164.02M

Target EV/EBITDA multipleCurrent: 22.7×

Net Debt($B)Default: $1.59B

Results

Implied Equity Value / share$31.99

Current Price$21.98

Upside / Downside+45.5%

Implied EV$3.73B

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

Mult \ Net Debt	$1.59B	$1.59B	$1.59B	$1.59B	$1.59B
18.7x	$22.16	$22.16	$22.16	$22.16	$22.16
20.7x	$27.07	$27.07	$27.07	$27.07	$27.07
22.7x	$31.99	$31.99	$31.99	$31.99	$31.99
24.7x	$36.90	$36.90	$36.90	$36.90	$36.90
26.7x	$41.82	$41.82	$41.82	$41.82	$41.82

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