HQY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($81.41)
DCF	$9997779493.19	+12280775594.9%
Graham Number	$34.97	-57.0%
Reverse DCF	—	implied g: 12.8%
DDM	—	—
EV/EBITDA	$77.28	-5.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $279.54M

Near-term growth (yrs 1–5)(%)Rev: 7.2% / EPS: 883.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.27%

Computed WACC: 5.27%

Cost of equity (Re)6.04%(Rf 4.30% + β 0.32 × 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)87.26%

Debt weight (D/V)12.74%

Results

Intrinsic Value / share$31835135557.88

Current Price$81.41

Upside / Downside+39104699025.3%

Net Debt (used)$719.00M

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

WACC \ Near-term	875.3%	879.3%	883.3%	887.3%	891.3%
7.0%	$16309744615.80	$16646955137.20	$16989720307.48	$17338108469.36	$17692188523.83
8.0%	$12300909247.17	$12555235462.18	$12813751026.58	$13076507484.87	$13343556802.59
9.0%	$9602054957.04	$9800581259.92	$10002377756.41	$10207484681.99	$10415942600.80
10.0%	$7682900700.13	$7841747707.70	$8003211297.61	$8167323663.46	$8334117261.89
11.0%	$6263280351.67	$6392776131.61	$6524405010.15	$6658193232.28	$6794167257.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.18

Book Value / share($)Yahoo: $24.93

Results

Graham Number$34.97

Current Price$81.41

Margin of Safety-57.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.27%

Terminal growth rate(%)

Computed WACC: 5.27%

Cost of equity (Re)6.04%(Rf 4.30% + β 0.32 × 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)87.26%

Debt weight (D/V)12.74%

Results

Current Price$81.41

Implied Near-term FCF Growth-1.1%

Historical Revenue Growth7.2%

Historical Earnings Growth883.3%

Base FCF (TTM)$279.54M

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$81.41

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $454.57M

Target EV/EBITDA multipleCurrent: 16.2×

Net Debt($B)Default: $719.00M

Results

Implied Equity Value / share$77.28

Current Price$81.41

Upside / Downside-5.1%

Implied EV$7.38B

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

Mult \ Net Debt	-$1.28B	-$281.00M	$719.00M	$1.72B	$2.72B
12.2x	$79.39	$67.78	$56.18	$44.57	$32.96
14.2x	$89.94	$78.34	$66.73	$55.12	$43.51
16.2x	$100.49	$88.89	$77.28	$65.67	$54.07
18.2x	$111.05	$99.44	$87.83	$76.23	$64.62
20.2x	$121.60	$109.99	$98.39	$86.78	$75.17

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