HAS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($99.05)
DCF	$223.56	+125.7%
Graham Number	—	—
Reverse DCF	—	implied g: 18.2%
DDM	$57.68	-41.8%
EV/EBITDA	$100.03	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $434.35M

Near-term growth (yrs 1–5)(%)Rev: 31.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.78%

Computed WACC: 5.78%

Cost of equity (Re)7.19%(Rf 4.30% + β 0.53 × 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)80.36%

Debt weight (D/V)19.64%

Results

Intrinsic Value / share$519.37

Current Price$99.05

Upside / Downside+424.3%

Net Debt (used)$2.51B

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

WACC \ Near-term	23.3%	27.3%	31.3%	35.3%	39.3%
7.0%	$257.99	$304.25	$356.61	$415.65	$482.00
8.0%	$200.45	$236.79	$277.90	$324.23	$376.27
9.0%	$161.04	$190.58	$223.99	$261.62	$303.88
10.0%	$132.46	$157.09	$184.92	$216.26	$251.43
11.0%	$110.88	$131.80	$155.43	$182.02	$211.86

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.30

Book Value / share($)Yahoo: $3.84

Results

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

Graham Number—

Current Price$99.05

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.78%

Terminal growth rate(%)

Computed WACC: 5.78%

Cost of equity (Re)7.19%(Rf 4.30% + β 0.53 × 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)80.36%

Debt weight (D/V)19.64%

Results

Current Price$99.05

Implied Near-term FCF Growth6.2%

Historical Revenue Growth31.3%

Historical Earnings Growth—

Base FCF (TTM)$434.35M

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: $2.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$57.68

Current Price$99.05

Upside / Downside-41.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.20B

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $2.51B

Results

Implied Equity Value / share$100.03

Current Price$99.05

Upside / Downside+1.0%

Implied EV$16.55B

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

Mult \ Net Debt	$514.70M	$1.51B	$2.51B	$3.51B	$4.51B
9.8x	$80.08	$72.95	$65.83	$58.70	$51.57
11.8x	$97.18	$90.06	$82.93	$75.80	$68.68
13.8x	$114.28	$107.16	$100.03	$92.91	$85.78
15.8x	$131.39	$124.26	$117.14	$110.01	$102.88
17.8x	$148.49	$141.36	$134.24	$127.11	$119.99

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