DHIL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($172.71)
DCF	$790.31	+357.6%
Graham Number	$159.00	-7.9%
Reverse DCF	—	implied g: -2.0%
DDM	$123.60	-28.4%
EV/EBITDA	$171.86	-0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $37.02M

Near-term growth (yrs 1–5)(%)Rev: -6.6% / EPS: 25.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.54%

Computed WACC: 8.54%

Cost of equity (Re)8.66%(Rf 4.30% + β 0.79 × 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)98.65%

Debt weight (D/V)1.35%

Results

Intrinsic Value / share$862.05

Current Price$172.71

Upside / Downside+399.1%

Net Debt (used)-$36.03M

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

WACC \ Near-term	17.5%	21.5%	25.5%	29.5%	33.5%
7.0%	$881.13	$1033.00	$1205.80	$1401.65	$1622.78
8.0%	$704.23	$823.99	$960.17	$1114.43	$1288.52
9.0%	$582.82	$680.58	$791.67	$917.43	$1059.30
10.0%	$494.64	$576.43	$669.34	$774.45	$892.96
11.0%	$427.89	$497.63	$576.80	$666.32	$767.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $17.23

Book Value / share($)Yahoo: $65.21

Results

Graham Number$159.00

Current Price$172.71

Margin of Safety-7.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.54%

Terminal growth rate(%)

Computed WACC: 8.54%

Cost of equity (Re)8.66%(Rf 4.30% + β 0.79 × 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)98.65%

Debt weight (D/V)1.35%

Results

Current Price$172.71

Implied Near-term FCF Growth-3.1%

Historical Revenue Growth-6.6%

Historical Earnings Growth25.5%

Base FCF (TTM)$37.02M

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: $6.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$123.60

Current Price$172.71

Upside / Downside-28.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $40.82M

Target EV/EBITDA multipleCurrent: 10.5×

Net Debt($B)Default: -$36.03M

Results

Implied Equity Value / share$171.86

Current Price$172.71

Upside / Downside-0.5%

Implied EV$428.97M

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

Mult \ Net Debt	-$2.04B	-$1.04B	-$36.03M	$963.97M	$1.96B
6.5x	$850.72	$481.12	$111.51	$-258.10	$-627.70
8.5x	$880.90	$511.29	$141.69	$-227.92	$-597.53
10.5x	$911.08	$541.47	$171.86	$-197.74	$-567.35
12.5x	$941.25	$571.65	$202.04	$-167.57	$-537.17
14.5x	$971.43	$601.82	$232.22	$-137.39	$-507.00

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