DHR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($210.64)
DCF	$153.77	-27.0%
Graham Number	$91.71	-56.5%
Reverse DCF	—	implied g: 17.4%
DDM	$32.96	-84.4%
EV/EBITDA	$210.65	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.55B

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 12.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.45%

Computed WACC: 8.45%

Cost of equity (Re)9.57%(Rf 4.30% + β 0.96 × 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)88.32%

Debt weight (D/V)11.68%

Results

Intrinsic Value / share$171.71

Current Price$210.64

Upside / Downside-18.5%

Net Debt (used)$15.08B

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

WACC \ Near-term	4.5%	8.5%	12.5%	16.5%	20.5%
7.0%	$162.90	$198.33	$239.19	$286.10	$339.71
8.0%	$127.98	$156.24	$188.80	$226.15	$268.79
9.0%	$103.88	$127.22	$154.07	$184.83	$219.93
10.0%	$86.28	$106.02	$128.71	$154.69	$184.30
11.0%	$72.87	$89.89	$109.42	$131.77	$157.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.03

Book Value / share($)Yahoo: $74.32

Results

Graham Number$91.71

Current Price$210.64

Margin of Safety-56.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.45%

Terminal growth rate(%)

Computed WACC: 8.45%

Cost of equity (Re)9.57%(Rf 4.30% + β 0.96 × 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)88.32%

Debt weight (D/V)11.68%

Results

Current Price$210.64

Implied Near-term FCF Growth15.7%

Historical Revenue Growth4.6%

Historical Earnings Growth12.5%

Base FCF (TTM)$4.55B

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: $1.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.96

Current Price$210.64

Upside / Downside-84.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $7.83B

Target EV/EBITDA multipleCurrent: 20.9×

Net Debt($B)Default: $15.08B

Results

Implied Equity Value / share$210.65

Current Price$210.64

Upside / Downside+0.0%

Implied EV$164.04B

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

Mult \ Net Debt	$7.08B	$11.08B	$15.08B	$19.08B	$23.08B
16.9x	$177.65	$171.99	$166.33	$160.68	$155.02
18.9x	$199.81	$194.15	$188.49	$182.84	$177.18
20.9x	$221.97	$216.31	$210.65	$205.00	$199.34
22.9x	$244.12	$238.47	$232.81	$227.16	$221.50
24.9x	$266.28	$260.63	$254.97	$249.31	$243.66

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