HRMY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($27.83)
DCF	$173.57	+523.7%
Graham Number	$32.79	+17.8%
Reverse DCF	—	implied g: -17.5%
DDM	—	—
EV/EBITDA	$28.66	+3.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $211.46M

Near-term growth (yrs 1–5)(%)Rev: 21.1% / EPS: -55.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.71%

Computed WACC: 8.71%

Cost of equity (Re)8.92%(Rf 4.30% + β 0.84 × ERP 5.50%)

Cost of debt (Rd)8.54%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)90.45%

Debt weight (D/V)9.55%

Results

Intrinsic Value / share$182.07

Current Price$27.83

Upside / Downside+554.2%

Net Debt (used)-$606.09M

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

WACC \ Near-term	13.1%	17.1%	21.1%	25.1%	29.1%
7.0%	$188.58	$220.76	$257.53	$299.38	$346.82
8.0%	$153.05	$178.51	$207.59	$240.67	$278.13
9.0%	$128.62	$149.48	$173.29	$200.34	$230.97
10.0%	$110.85	$128.37	$148.34	$171.02	$196.69
11.0%	$97.37	$112.36	$129.43	$148.81	$170.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.17

Book Value / share($)Yahoo: $15.07

Results

Graham Number$32.79

Current Price$27.83

Margin of Safety+17.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.71%

Terminal growth rate(%)

Computed WACC: 8.71%

Cost of equity (Re)8.92%(Rf 4.30% + β 0.84 × ERP 5.50%)

Cost of debt (Rd)8.54%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)90.45%

Debt weight (D/V)9.55%

Results

Current Price$27.83

Implied Near-term FCF Growth-18.0%

Historical Revenue Growth21.1%

Historical Earnings Growth-55.0%

Base FCF (TTM)$211.46M

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$27.83

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $233.80M

Target EV/EBITDA multipleCurrent: 4.5×

Net Debt($B)Default: -$606.09M

Results

Implied Equity Value / share$28.66

Current Price$27.83

Upside / Downside+3.0%

Implied EV$1.04B

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

Mult \ Net Debt	-$2.61B	-$1.61B	-$606.09M	$393.91M	$1.39B
0.5x	$47.15	$29.79	$12.42	$-4.94	$-22.30
2.5x	$55.27	$37.90	$20.54	$3.18	$-14.18
4.5x	$63.38	$46.02	$28.66	$11.30	$-6.06
6.5x	$71.50	$54.14	$36.78	$19.42	$2.05
8.5x	$79.62	$62.26	$44.90	$27.54	$10.17

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