HL-PB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($74.98)
DCF	$1911845381.45	+2549807023.8%
Graham Number	$1.62	-97.8%
Reverse DCF	—	implied g: 52.1%
DDM	$72.10	-3.8%
EV/EBITDA	$113.88	+51.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $157.18M

Near-term growth (yrs 1–5)(%)Rev: 79.5% / EPS: 951.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.39%

Computed WACC: 9.39%

Cost of equity (Re)11.36%(Rf 4.30% + β 1.28 × 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)82.69%

Debt weight (D/V)17.31%

Results

Intrinsic Value / share$1748789948.39

Current Price$74.98

Upside / Downside+2332341789.0%

Net Debt (used)-$16.11M

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

WACC \ Near-term	943.5%	947.5%	951.5%	955.5%	959.5%
7.0%	$3128134539.67	$3188550596.47	$3249896557.45	$3312183116.12	$3375421047.67
8.0%	$2358862924.62	$2404421446.86	$2450681190.92	$2497650220.56	$2545336661.14
9.0%	$1841011856.07	$1876568722.33	$1912672868.18	$1949330587.09	$1986548220.63
10.0%	$1472801456.93	$1501246792.68	$1530129949.64	$1559455962.57	$1589229904.69
11.0%	$1200458361.15	$1223643725.41	$1247185951.11	$1271089142.01	$1295357433.20

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.03

Book Value / share($)Yahoo: $3.87

Results

Graham Number$1.62

Current Price$74.98

Margin of Safety-97.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.39%

Terminal growth rate(%)

Computed WACC: 9.39%

Cost of equity (Re)11.36%(Rf 4.30% + β 1.28 × 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)82.69%

Debt weight (D/V)17.31%

Results

Current Price$74.98

Implied Near-term FCF Growth53.6%

Historical Revenue Growth79.5%

Historical Earnings Growth951.5%

Base FCF (TTM)$157.18M

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: $3.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$72.10

Current Price$74.98

Upside / Downside-3.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $696.44M

Target EV/EBITDA multipleCurrent: 78.5×

Net Debt($B)Default: -$16.11M

Results

Implied Equity Value / share$113.88

Current Price$74.98

Upside / Downside+51.9%

Implied EV$54.67B

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$16.11M	$983.89M	$1.98B
74.5x	$112.25	$110.17	$108.08	$106.00	$103.92
76.5x	$115.15	$113.07	$110.98	$108.90	$106.82
78.5x	$118.05	$115.97	$113.88	$111.80	$109.72
80.5x	$120.95	$118.87	$116.78	$114.70	$112.62
82.5x	$123.85	$121.77	$119.69	$117.60	$115.52

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