ARHS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.91)
DCF	$27.86	+252.2%
Graham Number	$5.89	-25.6%
Reverse DCF	—	implied g: -10.0%
DDM	—	—
EV/EBITDA	$21.16	+167.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $103.39M

Near-term growth (yrs 1–5)(%)Rev: 5.1% / EPS: -28.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.98%

Computed WACC: 11.98%

Cost of equity (Re)18.22%(Rf 4.30% + β 2.53 × 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)65.78%

Debt weight (D/V)34.22%

Results

Intrinsic Value / share$17.06

Current Price$7.91

Upside / Downside+115.7%

Net Debt (used)$323.07M

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

WACC \ Near-term	-2.9%	1.1%	5.1%	9.1%	13.1%
7.0%	$28.11	$35.00	$43.01	$52.28	$62.96
8.0%	$22.04	$27.58	$34.02	$41.47	$50.03
9.0%	$17.83	$22.45	$27.80	$33.98	$41.08
10.0%	$14.74	$18.68	$23.24	$28.50	$34.53
11.0%	$12.38	$15.80	$19.76	$24.31	$29.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.52

Book Value / share($)Yahoo: $2.96

Results

Graham Number$5.89

Current Price$7.91

Margin of Safety-25.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.98%

Terminal growth rate(%)

Computed WACC: 11.98%

Cost of equity (Re)18.22%(Rf 4.30% + β 2.53 × 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)65.78%

Debt weight (D/V)34.22%

Results

Current Price$7.91

Implied Near-term FCF Growth-4.3%

Historical Revenue Growth5.1%

Historical Earnings Growth-28.6%

Base FCF (TTM)$103.39M

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$7.91

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $135.76M

Target EV/EBITDA multipleCurrent: 10.8×

Net Debt($B)Default: $323.07M

Results

Implied Equity Value / share$21.16

Current Price$7.91

Upside / Downside+167.5%

Implied EV$1.46B

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

Mult \ Net Debt	-$1.68B	-$676.93M	$323.07M	$1.32B	$2.32B
6.8x	$48.17	$29.63	$11.10	$-7.44	$-25.98
8.8x	$53.20	$34.67	$16.13	$-2.41	$-20.94
10.8x	$58.23	$39.70	$21.16	$2.63	$-15.91
12.8x	$63.27	$44.73	$26.20	$7.66	$-10.88
14.8x	$68.30	$49.76	$31.23	$12.69	$-5.84

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