BZH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.37)
DCF	$-32.52	-239.1%
Graham Number	$16.55	-29.2%
Reverse DCF	—	implied g: 64.6%
DDM	—	—
EV/EBITDA	$23.62	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.10M

Near-term growth (yrs 1–5)(%)Rev: -22.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.03%

Computed WACC: 6.03%

Cost of equity (Re)16.11%(Rf 4.30% + β 2.15 × 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)37.44%

Debt weight (D/V)62.56%

Results

Intrinsic Value / share$-30.44

Current Price$23.37

Upside / Downside-230.3%

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%	$-32.50	$-32.00	$-31.42	$-30.75	$-29.98
8.0%	$-32.93	$-32.53	$-32.07	$-31.53	$-30.91
9.0%	$-33.24	$-32.90	$-32.52	$-32.07	$-31.56
10.0%	$-33.46	$-33.18	$-32.85	$-32.47	$-32.03
11.0%	$-33.63	$-33.38	$-33.10	$-32.77	$-32.39

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.29

Book Value / share($)Yahoo: $41.97

Results

Graham Number$16.55

Current Price$23.37

Margin of Safety-29.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.03%

Terminal growth rate(%)

Computed WACC: 6.03%

Cost of equity (Re)16.11%(Rf 4.30% + β 2.15 × 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)37.44%

Debt weight (D/V)62.56%

Results

Current Price$23.37

Implied Near-term FCF Growth49.2%

Historical Revenue Growth-22.5%

Historical Earnings Growth—

Base FCF (TTM)$4.10M

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$23.37

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $37.11M

Target EV/EBITDA multipleCurrent: 46.6×

Net Debt($B)Default: $1.03B

Results

Implied Equity Value / share$23.62

Current Price$23.37

Upside / Downside+1.1%

Implied EV$1.73B

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

Mult \ Net Debt	$1.03B	$1.03B	$1.03B	$1.03B	$1.03B
42.6x	$18.59	$18.59	$18.59	$18.59	$18.59
44.6x	$21.11	$21.11	$21.11	$21.11	$21.11
46.6x	$23.62	$23.62	$23.62	$23.62	$23.62
48.6x	$26.14	$26.14	$26.14	$26.14	$26.14
50.6x	$28.65	$28.65	$28.65	$28.65	$28.65

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