HOV — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($120.87)
DCF	$-114.48	-194.7%
Graham Number	$140.43	+16.2%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$165.90	+37.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -6.2% / EPS: -26.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.84%

Computed WACC: 6.84%

Cost of equity (Re)15.69%(Rf 4.30% + β 2.07 × 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)43.56%

Debt weight (D/V)56.44%

Results

Intrinsic Value / share$-114.48

Current Price$120.87

Upside / Downside-194.7%

Net Debt (used)$589.94M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-114.48	$-114.48	$-114.48	$-114.48	$-114.48
8.0%	$-114.48	$-114.48	$-114.48	$-114.48	$-114.48
9.0%	$-114.48	$-114.48	$-114.48	$-114.48	$-114.48
10.0%	$-114.48	$-114.48	$-114.48	$-114.48	$-114.48
11.0%	$-114.48	$-114.48	$-114.48	$-114.48	$-114.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.43

Book Value / share($)Yahoo: $117.96

Results

Graham Number$140.43

Current Price$120.87

Margin of Safety+16.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.84%

Terminal growth rate(%)

Computed WACC: 6.84%

Cost of equity (Re)15.69%(Rf 4.30% + β 2.07 × 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)43.56%

Debt weight (D/V)56.44%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$120.87

Implied Near-term FCF Growth—

Historical Revenue Growth-6.2%

Historical Earnings Growth-26.8%

Base FCF (TTM)—

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$120.87

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $93.03M

Target EV/EBITDA multipleCurrent: 15.5×

Net Debt($B)Default: $589.94M

Results

Implied Equity Value / share$165.90

Current Price$120.87

Upside / Downside+37.3%

Implied EV$1.44B

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

Mult \ Net Debt	-$1.41B	-$410.06M	$589.94M	$1.59B	$2.59B
11.5x	$481.79	$287.74	$93.69	$-100.36	$-294.41
13.5x	$517.89	$323.84	$129.79	$-64.26	$-258.31
15.5x	$554.00	$359.95	$165.90	$-28.15	$-222.20
17.5x	$590.10	$396.05	$202.00	$7.95	$-186.09
19.5x	$626.21	$432.16	$238.11	$44.06	$-149.99

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