HNI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($44.73)
DCF	$225.18	+403.4%
Graham Number	$29.58	-33.9%
Reverse DCF	—	implied g: 14.1%
DDM	$28.02	-37.4%
EV/EBITDA	$33.01	-26.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $153.15M

Near-term growth (yrs 1–5)(%)Rev: 38.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.17%

Computed WACC: 6.17%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × 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)66.59%

Debt weight (D/V)33.41%

Results

Intrinsic Value / share$465.42

Current Price$44.73

Upside / Downside+940.5%

Net Debt (used)$1.38B

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

WACC \ Near-term	30.3%	34.3%	38.3%	42.3%	46.3%
7.0%	$265.95	$311.42	$362.57	$419.92	$484.02
8.0%	$205.15	$240.72	$280.72	$325.55	$375.64
9.0%	$163.56	$192.37	$224.75	$261.03	$301.55
10.0%	$133.47	$157.39	$184.26	$214.36	$247.97
11.0%	$110.80	$131.03	$153.76	$179.21	$207.61

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.11

Book Value / share($)Yahoo: $35.03

Results

Graham Number$29.58

Current Price$44.73

Margin of Safety-33.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.17%

Terminal growth rate(%)

Computed WACC: 6.17%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × 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)66.59%

Debt weight (D/V)33.41%

Results

Current Price$44.73

Implied Near-term FCF Growth4.2%

Historical Revenue Growth38.3%

Historical Earnings Growth—

Base FCF (TTM)$153.15M

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: $1.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.02

Current Price$44.73

Upside / Downside-37.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $348.70M

Target EV/EBITDA multipleCurrent: 10.7×

Net Debt($B)Default: $1.38B

Results

Implied Equity Value / share$33.01

Current Price$44.73

Upside / Downside-26.2%

Implied EV$3.72B

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

Mult \ Net Debt	$1.38B	$1.38B	$1.38B	$1.38B	$1.38B
6.7x	$13.37	$13.37	$13.37	$13.37	$13.37
8.7x	$23.19	$23.19	$23.19	$23.19	$23.19
10.7x	$33.01	$33.01	$33.01	$33.01	$33.01
12.7x	$42.84	$42.84	$42.84	$42.84	$42.84
14.7x	$52.66	$52.66	$52.66	$52.66	$52.66

← Overview Financial Statements ← Companies