HCKT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.09)
DCF	$553.83	+3830.7%
Graham Number	$5.30	-62.4%
Reverse DCF	—	implied g: -0.9%
DDM	$9.89	-29.8%
EV/EBITDA	$14.25	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $33.29M

Near-term growth (yrs 1–5)(%)Rev: -3.4% / EPS: 64.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.92%

Computed WACC: 8.92%

Cost of equity (Re)10.12%(Rf 4.30% + β 1.06 × ERP 5.50%)

Cost of debt (Rd)3.88%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.00%

Debt weight (D/V)17.00%

Results

Intrinsic Value / share$563.12

Current Price$14.09

Upside / Downside+3896.6%

Net Debt (used)$60.10M

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

WACC \ Near-term	56.6%	60.6%	64.6%	68.6%	72.6%
7.0%	$695.82	$788.81	$891.49	$1004.61	$1128.92
8.0%	$539.18	$611.14	$690.59	$778.10	$874.26
9.0%	$432.55	$490.20	$553.83	$623.91	$700.92
10.0%	$355.79	$403.13	$455.39	$512.94	$576.16
11.0%	$298.25	$337.88	$381.61	$429.76	$482.66

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.46

Book Value / share($)Yahoo: $2.71

Results

Graham Number$5.30

Current Price$14.09

Margin of Safety-62.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.92%

Terminal growth rate(%)

Computed WACC: 8.92%

Cost of equity (Re)10.12%(Rf 4.30% + β 1.06 × ERP 5.50%)

Cost of debt (Rd)3.88%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.00%

Debt weight (D/V)17.00%

Results

Current Price$14.09

Implied Near-term FCF Growth-1.1%

Historical Revenue Growth-3.4%

Historical Earnings Growth64.6%

Base FCF (TTM)$33.29M

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: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$14.09

Upside / Downside-29.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $31.83M

Target EV/EBITDA multipleCurrent: 13.1×

Net Debt($B)Default: $60.10M

Results

Implied Equity Value / share$14.25

Current Price$14.09

Upside / Downside+1.1%

Implied EV$417.72M

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

Mult \ Net Debt	-$1.94B	-$939.90M	$60.10M	$1.06B	$2.06B
9.1x	$88.86	$49.02	$9.18	$-30.67	$-70.51
11.1x	$91.40	$51.55	$11.71	$-28.13	$-67.97
13.1x	$93.93	$54.09	$14.25	$-25.59	$-65.44
15.1x	$96.47	$56.63	$16.78	$-23.06	$-62.90
17.1x	$99.00	$59.16	$19.32	$-20.52	$-60.36

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