HLNE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($108.15)
DCF	$192.56	+78.1%
Graham Number	$50.20	-53.6%
Reverse DCF	—	implied g: 8.1%
DDM	$44.50	-58.9%
EV/EBITDA	$117.04	+8.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $227.91M

Near-term growth (yrs 1–5)(%)Rev: 18.0% / EPS: 4.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.05%

Computed WACC: 11.05%

Cost of equity (Re)11.73%(Rf 4.30% + β 1.35 × 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)94.21%

Debt weight (D/V)5.79%

Results

Intrinsic Value / share$140.47

Current Price$108.15

Upside / Downside+29.9%

Net Debt (used)$32.11M

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

WACC \ Near-term	10.0%	14.0%	18.0%	22.0%	26.0%
7.0%	$207.79	$246.34	$290.53	$340.98	$398.33
8.0%	$166.86	$197.45	$232.49	$272.45	$317.86
9.0%	$138.69	$163.81	$192.56	$225.33	$262.53
10.0%	$118.16	$139.31	$163.49	$191.03	$222.28
11.0%	$102.58	$120.71	$141.44	$165.02	$191.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.61

Book Value / share($)Yahoo: $19.96

Results

Graham Number$50.20

Current Price$108.15

Margin of Safety-53.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.05%

Terminal growth rate(%)

Computed WACC: 11.05%

Cost of equity (Re)11.73%(Rf 4.30% + β 1.35 × 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)94.21%

Debt weight (D/V)5.79%

Results

Current Price$108.15

Implied Near-term FCF Growth13.3%

Historical Revenue Growth18.0%

Historical Earnings Growth4.1%

Base FCF (TTM)$227.91M

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: $2.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$44.50

Current Price$108.15

Upside / Downside-58.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $336.42M

Target EV/EBITDA multipleCurrent: 15.4×

Net Debt($B)Default: $32.11M

Results

Implied Equity Value / share$117.04

Current Price$108.15

Upside / Downside+8.2%

Implied EV$5.17B

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

Mult \ Net Debt	-$1.97B	-$967.89M	$32.11M	$1.03B	$2.03B
11.4x	$131.93	$109.18	$86.42	$63.66	$40.90
13.4x	$147.25	$124.49	$101.73	$78.97	$56.21
15.4x	$162.56	$139.80	$117.04	$94.28	$71.53
17.4x	$177.87	$155.12	$132.36	$109.60	$86.84
19.4x	$193.19	$170.43	$147.67	$124.91	$102.15

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