HAE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($63.88)
DCF	$461.78	+622.9%
Graham Number	$39.87	-37.6%
Reverse DCF	—	implied g: -2.3%
DDM	—	—
EV/EBITDA	$63.88	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $335.05M

Near-term growth (yrs 1–5)(%)Rev: -2.7% / EPS: 28.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.08%

Computed WACC: 5.08%

Cost of equity (Re)6.02%(Rf 4.30% + β 0.31 × ERP 5.50%)

Cost of debt (Rd)3.51%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)70.94%

Debt weight (D/V)29.06%

Results

Intrinsic Value / share$1359.84

Current Price$63.88

Upside / Downside+2028.7%

Net Debt (used)$861.45M

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

WACC \ Near-term	20.4%	24.4%	28.4%	32.4%	36.4%
7.0%	$523.20	$615.99	$721.29	$840.31	$974.38
8.0%	$411.47	$484.50	$567.32	$660.89	$766.25
9.0%	$334.86	$394.35	$461.78	$537.93	$623.63
10.0%	$279.27	$328.96	$385.24	$448.77	$520.23
11.0%	$237.24	$279.52	$327.39	$381.40	$442.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.63

Book Value / share($)Yahoo: $19.46

Results

Graham Number$39.87

Current Price$63.88

Margin of Safety-37.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.08%

Terminal growth rate(%)

Computed WACC: 5.08%

Cost of equity (Re)6.02%(Rf 4.30% + β 0.31 × ERP 5.50%)

Cost of debt (Rd)3.51%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)70.94%

Debt weight (D/V)29.06%

Results

Current Price$63.88

Implied Near-term FCF Growth-14.8%

Historical Revenue Growth-2.7%

Historical Earnings Growth28.4%

Base FCF (TTM)$335.05M

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$63.88

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $364.90M

Target EV/EBITDA multipleCurrent: 10.5×

Net Debt($B)Default: $861.45M

Results

Implied Equity Value / share$63.88

Current Price$63.88

Upside / Downside-0.0%

Implied EV$3.83B

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

Mult \ Net Debt	-$1.14B	-$138.55M	$861.45M	$1.86B	$2.86B
6.5x	$75.51	$53.99	$32.47	$10.95	$-10.57
8.5x	$91.21	$69.69	$48.18	$26.66	$5.14
10.5x	$106.92	$85.40	$63.88	$42.36	$20.84
12.5x	$122.62	$101.10	$79.58	$58.07	$36.55
14.5x	$138.33	$116.81	$95.29	$73.77	$52.25

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