GHC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1049.19)
DCF	$1173.06	+11.8%
Graham Number	$1282.13	+22.2%
Reverse DCF	—	implied g: 3.2%
DDM	$154.91	-85.2%
EV/EBITDA	$1368.57	+30.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $233.51M

Near-term growth (yrs 1–5)(%)Rev: 0.4% / EPS: -80.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.42%

Computed WACC: 6.42%

Cost of equity (Re)8.49%(Rf 4.30% + β 0.76 × 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)75.70%

Debt weight (D/V)24.30%

Results

Intrinsic Value / share$1976.74

Current Price$1049.19

Upside / Downside+88.4%

Net Debt (used)$112.95M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$1183.43	$1429.46	$1715.70	$2046.98	$2428.55
8.0%	$966.94	$1164.97	$1395.00	$1660.89	$1966.76
9.0%	$816.92	$981.81	$1173.06	$1393.83	$1647.50
10.0%	$706.79	$847.46	$1010.38	$1198.19	$1413.74
11.0%	$622.47	$744.69	$886.03	$1048.75	$1235.29

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $66.46

Book Value / share($)Yahoo: $1099.31

Results

Graham Number$1282.13

Current Price$1049.19

Margin of Safety+22.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.42%

Terminal growth rate(%)

Computed WACC: 6.42%

Cost of equity (Re)8.49%(Rf 4.30% + β 0.76 × 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)75.70%

Debt weight (D/V)24.30%

Results

Current Price$1049.19

Implied Near-term FCF Growth-4.6%

Historical Revenue Growth0.4%

Historical Earnings Growth-80.1%

Base FCF (TTM)$233.51M

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: $7.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$154.91

Current Price$1049.19

Upside / Downside-85.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $487.46M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $112.95M

Results

Implied Equity Value / share$1368.57

Current Price$1049.19

Upside / Downside+30.4%

Implied EV$4.76B

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

Mult \ Net Debt	-$1.89B	-$887.05M	$112.95M	$1.11B	$2.11B
5.8x	$1383.33	$1089.08	$794.83	$500.57	$206.32
7.8x	$1670.21	$1375.95	$1081.70	$787.45	$493.19
9.8x	$1957.08	$1662.83	$1368.57	$1074.32	$780.07
11.8x	$2243.96	$1949.70	$1655.45	$1361.19	$1066.94
13.8x	$2530.83	$2236.58	$1942.32	$1648.07	$1353.81

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