HNNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.92)
DCF	$113.76	+1046.7%
Graham Number	$18.01	+81.5%
Reverse DCF	—	implied g: -20.0%
DDM	$12.36	+24.6%
EV/EBITDA	$9.92	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $47.07M

Near-term growth (yrs 1–5)(%)Rev: -14.3% / EPS: -33.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.73%

Computed WACC: 7.73%

Cost of equity (Re)7.79%(Rf 4.30% + β 0.64 × 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)99.23%

Debt weight (D/V)0.77%

Results

Intrinsic Value / share$139.49

Current Price$9.92

Upside / Downside+1306.1%

Net Debt (used)-$71.37M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$114.65	$136.01	$160.86	$189.61	$222.74
8.0%	$95.86	$113.05	$133.02	$156.10	$182.65
9.0%	$82.84	$97.15	$113.76	$132.92	$154.94
10.0%	$73.28	$85.49	$99.63	$115.94	$134.65
11.0%	$65.96	$76.57	$88.84	$102.96	$119.16

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.15

Book Value / share($)Yahoo: $12.53

Results

Graham Number$18.01

Current Price$9.92

Margin of Safety+81.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.73%

Terminal growth rate(%)

Computed WACC: 7.73%

Cost of equity (Re)7.79%(Rf 4.30% + β 0.64 × 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)99.23%

Debt weight (D/V)0.77%

Results

Current Price$9.92

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-14.3%

Historical Earnings Growth-33.3%

Base FCF (TTM)$47.07M

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$9.92

Upside / Downside+24.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $12.21M

Target EV/EBITDA multipleCurrent: 0.6×

Net Debt($B)Default: -$71.37M

Results

Implied Equity Value / share$9.92

Current Price$9.92

Upside / Downside-0.0%

Implied EV$6.91M

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

Mult \ Net Debt	-$2.07B	-$1.07B	-$71.37M	$928.63M	$1.93B
-3.4x	$257.14	$130.44	$3.73	$-122.98	$-249.69
-1.4x	$260.24	$133.53	$6.82	$-119.88	$-246.59
0.6x	$263.33	$136.63	$9.92	$-116.79	$-243.50
2.6x	$266.43	$139.72	$13.01	$-113.69	$-240.40
4.6x	$269.53	$142.82	$16.11	$-110.60	$-237.31

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