HRI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($140.91)
DCF	$461.88	+227.8%
Graham Number	$6.28	-95.5%
Reverse DCF	—	implied g: 17.1%
DDM	$57.68	-59.1%
EV/EBITDA	$140.92	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $403.75M

Near-term growth (yrs 1–5)(%)Rev: 27.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.52%

Computed WACC: 4.52%

Cost of equity (Re)13.84%(Rf 4.30% + β 1.74 × 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)32.69%

Debt weight (D/V)67.31%

Results

Intrinsic Value / share$2508.35

Current Price$140.91

Upside / Downside+1680.1%

Net Debt (used)$9.63B

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

WACC \ Near-term	19.1%	23.1%	27.1%	31.1%	35.1%
7.0%	$555.07	$700.98	$866.75	$1054.35	$1265.90
8.0%	$381.92	$496.85	$627.34	$774.95	$941.32
9.0%	$263.16	$356.86	$463.19	$583.41	$718.84
10.0%	$176.94	$255.26	$344.09	$444.46	$557.48
11.0%	$111.72	$178.43	$254.04	$339.43	$435.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.03

Book Value / share($)Yahoo: $58.50

Results

Graham Number$6.28

Current Price$140.91

Margin of Safety-95.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.52%

Terminal growth rate(%)

Computed WACC: 4.52%

Cost of equity (Re)13.84%(Rf 4.30% + β 1.74 × 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)32.69%

Debt weight (D/V)67.31%

Results

Current Price$140.91

Implied Near-term FCF Growth-1.9%

Historical Revenue Growth27.1%

Historical Earnings Growth—

Base FCF (TTM)$403.75M

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: $2.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$57.68

Current Price$140.91

Upside / Downside-59.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $894.00M

Target EV/EBITDA multipleCurrent: 16.0×

Net Debt($B)Default: $9.63B

Results

Implied Equity Value / share$140.92

Current Price$140.91

Upside / Downside+0.0%

Implied EV$14.33B

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

Mult \ Net Debt	$5.63B	$7.63B	$9.63B	$11.63B	$13.63B
12.0x	$153.62	$93.69	$33.76	$-26.18	$-86.11
14.0x	$207.21	$147.27	$87.34	$27.40	$-32.53
16.0x	$260.79	$200.85	$140.92	$80.99	$21.05
18.0x	$314.37	$254.43	$194.50	$134.57	$74.63
20.0x	$367.95	$308.01	$248.08	$188.15	$128.21

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