BHM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.57)
DCF	$250.09	+2266.0%
Graham Number	—	—
Reverse DCF	—	implied g: -5.8%
DDM	$10.30	-2.6%
EV/EBITDA	$135.69	+1183.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $31.70M

Near-term growth (yrs 1–5)(%)Rev: 19.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 0.88%

Computed WACC: 0.88%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)9.35%

Debt weight (D/V)90.65%

Results

Intrinsic Value / share—

Current Price$10.57

Upside / Downside—

Net Debt (used)$252.10M

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

WACC \ Near-term	11.2%	15.2%	19.2%	23.2%	27.2%
7.0%	$276.57	$338.67	$409.77	$490.84	$582.90
8.0%	$209.61	$258.83	$315.14	$379.30	$452.11
9.0%	$163.54	$203.93	$250.09	$302.65	$362.25
10.0%	$130.00	$163.96	$202.75	$246.88	$296.89
11.0%	$104.54	$133.64	$166.85	$204.60	$247.35

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.92

Book Value / share($)Yahoo: $32.47

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$10.57

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 0.88%

Terminal growth rate(%)

Computed WACC: 0.88%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)9.35%

Debt weight (D/V)90.65%

Results

Current Price$10.57

Implied Near-term FCF Growth65.0%

Historical Revenue Growth19.2%

Historical Earnings Growth—

Base FCF (TTM)$31.70M

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: $0.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.30

Current Price$10.57

Upside / Downside-2.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $16.95M

Target EV/EBITDA multipleCurrent: 47.3×

Net Debt($B)Default: $252.10M

Results

Implied Equity Value / share$135.69

Current Price$10.57

Upside / Downside+1183.7%

Implied EV$801.39M

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

Mult \ Net Debt	-$1.75B	-$747.90M	$252.10M	$1.25B	$2.25B
43.3x	$613.00	$365.97	$118.94	$-128.09	$-375.12
45.3x	$621.38	$374.35	$127.32	$-119.72	$-366.75
47.3x	$629.75	$382.72	$135.69	$-111.34	$-358.37
49.3x	$638.13	$391.10	$144.07	$-102.96	$-350.00
51.3x	$646.50	$399.47	$152.44	$-94.59	$-341.62

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