HASI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.63)
DCF	$-39.16	-206.9%
Graham Number	$25.34	-30.8%
Reverse DCF	—	—
DDM	$34.81	-5.0%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.23%

Computed WACC: 8.23%

Cost of equity (Re)12.35%(Rf 4.30% + β 1.46 × ERP 5.50%)

Cost of debt (Rd)5.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)47.65%

Debt weight (D/V)52.35%

Results

Intrinsic Value / share$-39.16

Current Price$36.63

Upside / Downside-206.9%

Net Debt (used)$5.02B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-39.16	$-39.16	$-39.16	$-39.16	$-39.16
8.0%	$-39.16	$-39.16	$-39.16	$-39.16	$-39.16
9.0%	$-39.16	$-39.16	$-39.16	$-39.16	$-39.16
10.0%	$-39.16	$-39.16	$-39.16	$-39.16	$-39.16
11.0%	$-39.16	$-39.16	$-39.16	$-39.16	$-39.16

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.41

Book Value / share($)Yahoo: $20.25

Results

Graham Number$25.34

Current Price$36.63

Margin of Safety-30.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.23%

Terminal growth rate(%)

Computed WACC: 8.23%

Cost of equity (Re)12.35%(Rf 4.30% + β 1.46 × ERP 5.50%)

Cost of debt (Rd)5.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)47.65%

Debt weight (D/V)52.35%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$36.63

Implied Near-term FCF Growth—

Historical Revenue Growth-9.8%

Historical Earnings Growth—

Base FCF (TTM)—

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: $1.69

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$34.81

Current Price$36.63

Upside / Downside-5.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $5.02B

Results

Implied Equity Value / share$-39.16

Current Price$36.63

Upside / Downside-206.9%

Implied EV$0

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