AHH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.25)
DCF	$20.02	+220.3%
Graham Number	$5.31	-15.0%
Reverse DCF	—	implied g: -2.2%
DDM	$11.54	+84.6%
EV/EBITDA	$10.93	+74.9%

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: 3.18%

Computed WACC: 3.18%

Cost of equity (Re)10.16%(Rf 4.30% + β 1.06 × 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)28.18%

Debt weight (D/V)71.82%

Results

Intrinsic Value / share$365.99

Current Price$6.25

Upside / Downside+5755.9%

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%	$20.36	$28.50	$37.97	$48.93	$61.55
8.0%	$13.20	$19.75	$27.36	$36.16	$46.27
9.0%	$8.24	$13.69	$20.02	$27.32	$35.71
10.0%	$4.60	$9.25	$14.64	$20.85	$27.98
11.0%	$1.81	$5.85	$10.52	$15.91	$22.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.22

Book Value / share($)Yahoo: $5.70

Results

Graham Number$5.31

Current Price$6.25

Margin of Safety-15.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.18%

Terminal growth rate(%)

Computed WACC: 3.18%

Cost of equity (Re)10.16%(Rf 4.30% + β 1.06 × 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)28.18%

Debt weight (D/V)71.82%

Results

Current Price$6.25

Implied Near-term FCF Growth-20.0%

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$6.25

Upside / Downside+84.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $164.02M

Target EV/EBITDA multipleCurrent: 15.1×

Net Debt($B)Default: $1.59B

Results

Implied Equity Value / share$10.93

Current Price$6.25

Upside / Downside+74.9%

Implied EV$2.47B

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

Mult \ Net Debt	$1.59B	$1.59B	$1.59B	$1.59B	$1.59B
11.1x	$2.74	$2.74	$2.74	$2.74	$2.74
13.1x	$6.84	$6.84	$6.84	$6.84	$6.84
15.1x	$10.93	$10.93	$10.93	$10.93	$10.93
17.1x	$15.02	$15.02	$15.02	$15.02	$15.02
19.1x	$19.11	$19.11	$19.11	$19.11	$19.11

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