DFH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.07)
DCF	$-89.06	-592.9%
Graham Number	$31.41	+73.8%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$52.49	+190.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$98.10M

Near-term growth (yrs 1–5)(%)Rev: -22.3% / EPS: -55.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.37%

Computed WACC: 7.37%

Cost of equity (Re)14.55%(Rf 4.30% + β 1.86 × 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)50.67%

Debt weight (D/V)49.33%

Results

Intrinsic Value / share$-105.72

Current Price$18.07

Upside / Downside-685.0%

Net Debt (used)$1.40B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-89.48	$-99.51	$-111.18	$-124.68	$-140.23
8.0%	$-80.66	$-88.73	$-98.11	$-108.95	$-121.41
9.0%	$-74.55	$-81.27	$-89.06	$-98.06	$-108.40
10.0%	$-70.06	$-75.79	$-82.43	$-90.09	$-98.87
11.0%	$-66.62	$-71.60	$-77.36	$-84.00	$-91.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.84

Book Value / share($)Yahoo: $15.44

Results

Graham Number$31.41

Current Price$18.07

Margin of Safety+73.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.37%

Terminal growth rate(%)

Computed WACC: 7.37%

Cost of equity (Re)14.55%(Rf 4.30% + β 1.86 × 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)50.67%

Debt weight (D/V)49.33%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$18.07

Implied Near-term FCF Growth—

Historical Revenue Growth-22.3%

Historical Earnings Growth-55.0%

Base FCF (TTM)-$98.10M

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$18.07

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $284.94M

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: $1.40B

Results

Implied Equity Value / share$52.49

Current Price$18.07

Upside / Downside+190.5%

Implied EV$3.24B

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

Mult \ Net Debt	$1.40B	$1.40B	$1.40B	$1.40B	$1.40B
7.4x	$19.95	$19.95	$19.95	$19.95	$19.95
9.4x	$36.22	$36.22	$36.22	$36.22	$36.22
11.4x	$52.49	$52.49	$52.49	$52.49	$52.49
13.4x	$68.76	$68.76	$68.76	$68.76	$68.76
15.4x	$85.02	$85.02	$85.02	$85.02	$85.02

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