HR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.43)
DCF	$-6.43	-134.9%
Graham Number	—	—
Reverse DCF	—	implied g: 35.6%
DDM	$21.22	+15.1%
EV/EBITDA	$18.60	+0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $107.20M

Near-term growth (yrs 1–5)(%)Rev: -7.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.39%

Computed WACC: 5.39%

Cost of equity (Re)8.80%(Rf 4.30% + β 0.82 × 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)61.24%

Debt weight (D/V)38.76%

Results

Intrinsic Value / share$0.39

Current Price$18.43

Upside / Downside-97.9%

Net Debt (used)$4.13B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-6.38	$-5.28	$-4.00	$-2.52	$-0.82
8.0%	$-7.35	$-6.47	$-5.44	$-4.25	$-2.88
9.0%	$-8.02	$-7.29	$-6.43	$-5.44	$-4.31
10.0%	$-8.52	$-7.89	$-7.16	$-6.32	$-5.35
11.0%	$-8.89	$-8.35	$-7.71	$-6.99	$-6.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.71

Book Value / share($)Yahoo: $13.13

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$18.43

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.39%

Terminal growth rate(%)

Computed WACC: 5.39%

Cost of equity (Re)8.80%(Rf 4.30% + β 0.82 × 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)61.24%

Debt weight (D/V)38.76%

Results

Current Price$18.43

Implied Near-term FCF Growth19.3%

Historical Revenue Growth-7.8%

Historical Earnings Growth—

Base FCF (TTM)$107.20M

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: $1.03

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.22

Current Price$18.43

Upside / Downside+15.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $703.89M

Target EV/EBITDA multipleCurrent: 15.1×

Net Debt($B)Default: $4.13B

Results

Implied Equity Value / share$18.60

Current Price$18.43

Upside / Downside+0.9%

Implied EV$10.61B

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

Mult \ Net Debt	$2.13B	$3.13B	$4.13B	$5.13B	$6.13B
11.1x	$16.26	$13.40	$10.53	$7.66	$4.80
13.1x	$20.30	$17.43	$14.57	$11.70	$8.83
15.1x	$24.34	$21.47	$18.60	$15.74	$12.87
17.1x	$28.37	$25.50	$22.64	$19.77	$16.90
19.1x	$32.41	$29.54	$26.67	$23.81	$20.94

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