BH-A — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1777.00)
DCF	$2439.71	+37.3%
Graham Number	$448.23	-74.8%
Reverse DCF	—	implied g: 4.4%
DDM	—	—
EV/EBITDA	$20140.51	+1033.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $22.87M

Near-term growth (yrs 1–5)(%)Rev: 9.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.72%

Computed WACC: 6.72%

Cost of equity (Re)7.91%(Rf 4.30% + β 0.66 × ERP 5.50%)

Cost of debt (Rd)3.84%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.46%

Debt weight (D/V)24.54%

Results

Intrinsic Value / share$3898.78

Current Price$1777.00

Upside / Downside+119.4%

Net Debt (used)$20.80M

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

WACC \ Near-term	1.6%	5.6%	9.6%	13.6%	17.6%
7.0%	$2527.28	$3042.82	$3639.37	$4326.30	$5113.68
8.0%	$2040.19	$2452.79	$2929.65	$3478.15	$4106.24
9.0%	$1703.60	$2045.29	$2439.71	$2892.89	$3411.34
10.0%	$1457.25	$1747.23	$2081.55	$2465.25	$2903.79
11.0%	$1269.27	$1519.94	$1808.59	$2139.52	$2517.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.71

Book Value / share($)Yahoo: $833.75

Results

Graham Number$448.23

Current Price$1777.00

Margin of Safety-74.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.72%

Terminal growth rate(%)

Computed WACC: 6.72%

Cost of equity (Re)7.91%(Rf 4.30% + β 0.66 × ERP 5.50%)

Cost of debt (Rd)3.84%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.46%

Debt weight (D/V)24.54%

Results

Current Price$1777.00

Implied Near-term FCF Growth-2.4%

Historical Revenue Growth9.6%

Historical Earnings Growth—

Base FCF (TTM)$22.87M

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$1777.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $62.58M

Target EV/EBITDA multipleCurrent: 66.9×

Net Debt($B)Default: $20.80M

Results

Implied Equity Value / share$20140.51

Current Price$1777.00

Upside / Downside+1033.4%

Implied EV$4.19B

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

Mult \ Net Debt	-$1.98B	-$979.20M	$20.80M	$1.02B	$2.02B
62.9x	$28598.69	$23764.60	$18930.50	$14096.41	$9262.31
64.9x	$29203.70	$24369.60	$19535.51	$14701.41	$9867.32
66.9x	$29808.70	$24974.61	$20140.51	$15306.42	$10472.33
68.9x	$30413.71	$25579.61	$20745.52	$15911.43	$11077.33
70.9x	$31018.71	$26184.62	$21350.53	$16516.43	$11682.34

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