DHX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.73)
DCF	$36.81	+1248.3%
Graham Number	—	—
Reverse DCF	—	implied g: -4.8%
DDM	—	—
EV/EBITDA	$2.58	-5.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $16.15M

Near-term growth (yrs 1–5)(%)Rev: -9.8% / EPS: 36.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.53%

Computed WACC: 10.53%

Cost of equity (Re)11.82%(Rf 4.30% + β 1.37 × ERP 5.50%)

Cost of debt (Rd)7.93%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)76.67%

Debt weight (D/V)23.33%

Results

Intrinsic Value / share$27.97

Current Price$2.73

Upside / Downside+924.6%

Net Debt (used)$36.27M

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

WACC \ Near-term	28.8%	32.8%	36.8%	40.8%	44.8%
7.0%	$42.94	$49.99	$57.92	$66.83	$76.80
8.0%	$33.66	$39.17	$45.39	$52.35	$60.15
9.0%	$27.31	$31.78	$36.81	$42.45	$48.77
10.0%	$22.71	$26.42	$30.60	$35.29	$40.53
11.0%	$19.24	$22.39	$25.93	$29.89	$34.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.30

Book Value / share($)Yahoo: $2.25

Results

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

Graham Number—

Current Price$2.73

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.53%

Terminal growth rate(%)

Computed WACC: 10.53%

Cost of equity (Re)11.82%(Rf 4.30% + β 1.37 × ERP 5.50%)

Cost of debt (Rd)7.93%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)76.67%

Debt weight (D/V)23.33%

Results

Current Price$2.73

Implied Near-term FCF Growth-1.5%

Historical Revenue Growth-9.8%

Historical Earnings Growth36.8%

Base FCF (TTM)$16.15M

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$2.73

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $28.67M

Target EV/EBITDA multipleCurrent: 5.3×

Net Debt($B)Default: $36.27M

Results

Implied Equity Value / share$2.58

Current Price$2.73

Upside / Downside-5.6%

Implied EV$152.15M

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

Mult \ Net Debt	-$1.96B	-$963.73M	$36.27M	$1.04B	$2.04B
1.3x	$44.50	$22.26	$0.03	$-22.21	$-44.45
3.3x	$45.78	$23.54	$1.30	$-20.94	$-43.17
5.3x	$47.05	$24.81	$2.58	$-19.66	$-41.90
7.3x	$48.33	$26.09	$3.85	$-18.39	$-40.62
9.3x	$49.60	$27.36	$5.13	$-17.11	$-39.35

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