BH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($336.40)
DCF	$243.97	-27.5%
Graham Number	$200.83	-40.3%
Reverse DCF	—	implied g: 15.0%
DDM	—	—
EV/EBITDA	$373.09	+10.9%

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: 6.67%

Computed WACC: 6.67%

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)74.56%

Debt weight (D/V)25.44%

Results

Intrinsic Value / share$394.88

Current Price$336.40

Upside / Downside+17.4%

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%	$252.73	$304.28	$363.94	$432.63	$511.37
8.0%	$204.02	$245.28	$292.96	$347.81	$410.62
9.0%	$170.36	$204.53	$243.97	$289.29	$341.13
10.0%	$145.73	$174.72	$208.15	$246.53	$290.38
11.0%	$126.93	$151.99	$180.86	$213.95	$251.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.15

Book Value / share($)Yahoo: $833.75

Results

Graham Number$200.83

Current Price$336.40

Margin of Safety-40.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.67%

Terminal growth rate(%)

Computed WACC: 6.67%

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)74.56%

Debt weight (D/V)25.44%

Results

Current Price$336.40

Implied Near-term FCF Growth7.1%

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$336.40

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $62.58M

Target EV/EBITDA multipleCurrent: 12.7×

Net Debt($B)Default: $20.80M

Results

Implied Equity Value / share$373.09

Current Price$336.40

Upside / Downside+10.9%

Implied EV$792.60M

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

Mult \ Net Debt	-$1.98B	-$979.20M	$20.80M	$1.02B	$2.02B
8.7x	$1218.91	$735.50	$252.09	$-231.32	$-714.73
10.7x	$1279.41	$796.00	$312.59	$-170.82	$-654.23
12.7x	$1339.91	$856.50	$373.09	$-110.32	$-593.73
14.7x	$1400.41	$917.00	$433.59	$-49.82	$-533.23
16.7x	$1460.91	$977.50	$494.09	$10.68	$-472.72

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