BHR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.82)
DCF	$-15.10	-635.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	$4.12	+46.1%
EV/EBITDA	$8.48	+200.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -3.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.41%

Computed WACC: 7.41%

Cost of equity (Re)8.53%(Rf 4.30% + β 0.77 × ERP 5.50%)

Cost of debt (Rd)9.11%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)15.77%

Debt weight (D/V)84.23%

Results

Intrinsic Value / share$-15.10

Current Price$2.82

Upside / Downside-635.4%

Net Debt (used)$1.03B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-15.10	$-15.10	$-15.10	$-15.10	$-15.10
8.0%	$-15.10	$-15.10	$-15.10	$-15.10	$-15.10
9.0%	$-15.10	$-15.10	$-15.10	$-15.10	$-15.10
10.0%	$-15.10	$-15.10	$-15.10	$-15.10	$-15.10
11.0%	$-15.10	$-15.10	$-15.10	$-15.10	$-15.10

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.87

Book Value / share($)Yahoo: $2.03

Results

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

Graham Number—

Current Price$2.82

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.41%

Terminal growth rate(%)

Computed WACC: 7.41%

Cost of equity (Re)8.53%(Rf 4.30% + β 0.77 × ERP 5.50%)

Cost of debt (Rd)9.11%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)15.77%

Debt weight (D/V)84.23%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.82

Implied Near-term FCF Growth—

Historical Revenue Growth-3.7%

Historical Earnings Growth—

Base FCF (TTM)—

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$2.82

Upside / Downside+46.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $137.66M

Target EV/EBITDA multipleCurrent: 11.7×

Net Debt($B)Default: $1.03B

Results

Implied Equity Value / share$8.48

Current Price$2.82

Upside / Downside+200.8%

Implied EV$1.61B

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

Mult \ Net Debt	$1.03B	$1.03B	$1.03B	$1.03B	$1.03B
7.7x	$0.41	$0.41	$0.41	$0.41	$0.41
9.7x	$4.45	$4.45	$4.45	$4.45	$4.45
11.7x	$8.48	$8.48	$8.48	$8.48	$8.48
13.7x	$12.52	$12.52	$12.52	$12.52	$12.52
15.7x	$16.56	$16.56	$16.56	$16.56	$16.56

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