BHFAP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.79)
DCF	$-111.45	-763.8%
Graham Number	$183.26	+991.5%
Reverse DCF	—	—
DDM	$33.99	+102.4%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$607.37M

Near-term growth (yrs 1–5)(%)Rev: -31.6% / EPS: -82.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.07%

Computed WACC: 5.07%

Cost of equity (Re)9.57%(Rf 4.30% + β 0.96 × ERP 5.50%)

Cost of debt (Rd)4.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)21.87%

Debt weight (D/V)78.13%

Results

Intrinsic Value / share$-250.67

Current Price$16.79

Upside / Downside-1593.0%

Net Debt (used)$2.55B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-112.22	$-130.56	$-151.90	$-176.59	$-205.03
8.0%	$-96.09	$-110.85	$-127.99	$-147.81	$-170.61
9.0%	$-84.91	$-97.20	$-111.45	$-127.91	$-146.81
10.0%	$-76.70	$-87.18	$-99.33	$-113.32	$-129.39
11.0%	$-70.41	$-79.52	$-90.06	$-102.19	$-116.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $12.61

Book Value / share($)Yahoo: $118.38

Results

Graham Number$183.26

Current Price$16.79

Margin of Safety+991.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.07%

Terminal growth rate(%)

Computed WACC: 5.07%

Cost of equity (Re)9.57%(Rf 4.30% + β 0.96 × ERP 5.50%)

Cost of debt (Rd)4.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)21.87%

Debt weight (D/V)78.13%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$16.79

Implied Near-term FCF Growth—

Historical Revenue Growth-31.6%

Historical Earnings Growth-82.1%

Base FCF (TTM)-$607.37M

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: $1.65

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$33.99

Current Price$16.79

Upside / Downside+102.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $2.55B

Results

Implied Equity Value / share$-21.54

Current Price$16.79

Upside / Downside-228.3%

Implied EV$0

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