DHC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.24)
DCF	$22.78	+214.6%
Graham Number	—	—
Reverse DCF	—	implied g: -6.1%
DDM	$0.82	-88.6%
EV/EBITDA	$7.24	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $445.83M

Near-term growth (yrs 1–5)(%)Rev: 0.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.37%

Computed WACC: 7.37%

Cost of equity (Re)17.53%(Rf 4.30% + β 2.41 × 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)42.03%

Debt weight (D/V)57.97%

Results

Intrinsic Value / share$33.73

Current Price$7.24

Upside / Downside+365.8%

Net Debt (used)$2.31B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$23.05	$29.65	$37.32	$46.20	$56.42
8.0%	$17.25	$22.56	$28.72	$35.85	$44.05
9.0%	$13.23	$17.65	$22.78	$28.69	$35.49
10.0%	$10.28	$14.05	$18.42	$23.45	$29.23
11.0%	$8.02	$11.30	$15.08	$19.45	$24.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.19

Book Value / share($)Yahoo: $6.88

Results

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

Graham Number—

Current Price$7.24

Margin of Safety—

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)17.53%(Rf 4.30% + β 2.41 × 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)42.03%

Debt weight (D/V)57.97%

Results

Current Price$7.24

Implied Near-term FCF Growth-10.2%

Historical Revenue Growth0.0%

Historical Earnings Growth—

Base FCF (TTM)$445.83M

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: $0.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.82

Current Price$7.24

Upside / Downside-88.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $222.77M

Target EV/EBITDA multipleCurrent: 18.2×

Net Debt($B)Default: $2.31B

Results

Implied Equity Value / share$7.24

Current Price$7.24

Upside / Downside-0.0%

Implied EV$4.07B

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

Mult \ Net Debt	$312.34M	$1.31B	$2.31B	$3.31B	$4.31B
14.2x	$11.82	$7.69	$3.56	$-0.57	$-4.70
16.2x	$13.66	$9.53	$5.40	$1.27	$-2.86
18.2x	$15.50	$11.37	$7.24	$3.11	$-1.02
20.2x	$17.34	$13.21	$9.08	$4.95	$0.82
22.2x	$19.18	$15.05	$10.92	$6.79	$2.66

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