HL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.41)
DCF	$1369533121.74	+6395204764.5%
Graham Number	$6.53	-69.5%
Reverse DCF	—	implied g: 34.2%
DDM	$0.41	-98.1%
EV/EBITDA	$24.63	+15.0%

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: 11.14%

Computed WACC: 11.14%

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)98.05%

Debt weight (D/V)1.95%

Results

Intrinsic Value / share$869281127.97

Current Price$21.41

Upside / Downside+4059216000.7%

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%	$2240810843.23	$2284089338.28	$2328033961.77	$2372652373.89	$2417952293.35
8.0%	$1689750089.76	$1722385524.50	$1755523273.14	$1789169112.09	$1823328861.86
9.0%	$1318792167.43	$1344263006.51	$1370125884.36	$1396385309.26	$1423045823.93
10.0%	$1055027983.22	$1075404541.82	$1096094729.69	$1117102153.42	$1138430447.17
11.0%	$859937473.40	$876546099.08	$893410359.22	$910533193.51	$927917564.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.49

Book Value / share($)Yahoo: $3.87

Results

Graham Number$6.53

Current Price$21.41

Margin of Safety-69.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.14%

Terminal growth rate(%)

Computed WACC: 11.14%

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)98.05%

Debt weight (D/V)1.95%

Results

Current Price$21.41

Implied Near-term FCF Growth41.2%

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: $0.02

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.41

Current Price$21.41

Upside / Downside-98.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $696.44M

Target EV/EBITDA multipleCurrent: 23.7×

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

Results

Implied Equity Value / share$24.63

Current Price$21.41

Upside / Downside+15.0%

Implied EV$16.49B

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$16.11M	$983.89M	$1.98B
19.7x	$23.46	$21.97	$20.47	$18.98	$17.49
21.7x	$25.54	$24.04	$22.55	$21.06	$19.57
23.7x	$27.61	$26.12	$24.63	$23.14	$21.65
25.7x	$29.69	$28.20	$26.71	$25.22	$23.72
27.7x	$31.77	$30.28	$28.79	$27.29	$25.80

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