EQH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($39.36)
DCF	$-574.56	-1559.8%
Graham Number	—	—
Reverse DCF	—	—
DDM	$22.25	-43.5%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$9.66B

Near-term growth (yrs 1–5)(%)Rev: -14.2% / EPS: -74.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.22%

Computed WACC: 8.22%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × ERP 5.50%)

Cost of debt (Rd)6.47%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)59.48%

Debt weight (D/V)40.52%

Results

Intrinsic Value / share$-657.14

Current Price$39.36

Upside / Downside-1769.6%

Net Debt (used)-$6.76B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-579.71	$-701.76	$-843.76	$-1008.10	$-1197.39
8.0%	$-472.31	$-570.55	$-684.66	$-816.56	$-968.30
9.0%	$-397.89	$-479.69	$-574.56	$-684.08	$-809.93
10.0%	$-343.25	$-413.04	$-493.86	$-587.03	$-693.96
11.0%	$-301.42	$-362.05	$-432.17	$-512.89	$-605.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.83

Book Value / share($)Yahoo: $-4.03

Results

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

Graham Number—

Current Price$39.36

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.22%

Terminal growth rate(%)

Computed WACC: 8.22%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × ERP 5.50%)

Cost of debt (Rd)6.47%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)59.48%

Debt weight (D/V)40.52%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$39.36

Implied Near-term FCF Growth—

Historical Revenue Growth-14.2%

Historical Earnings Growth-74.4%

Base FCF (TTM)-$9.66B

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: $1.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$22.25

Current Price$39.36

Upside / Downside-43.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$127.00M

Target EV/EBITDA multipleCurrent: -59.2×

Net Debt($B)Default: -$6.76B

Results

Implied Equity Value / share$50.41

Current Price$39.36

Upside / Downside+28.1%

Implied EV$7.52B

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