HRZN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.10)
DCF	$143290.09	+2350806.3%
Graham Number	—	—
Reverse DCF	—	implied g: 4.6%
DDM	$27.19	+346.1%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $36.21M

Near-term growth (yrs 1–5)(%)Rev: 7.1% / EPS: 241.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.14%

Computed WACC: 7.14%

Cost of equity (Re)9.63%(Rf 4.30% + β 0.97 × ERP 5.50%)

Cost of debt (Rd)6.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.97%

Debt weight (D/V)60.03%

Results

Intrinsic Value / share$230342.87

Current Price$6.10

Upside / Downside+3779048.4%

Net Debt (used)$339.37M

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

WACC \ Near-term	233.7%	237.7%	241.7%	245.7%	249.7%
7.0%	$213219.82	$226307.53	$240030.16	$254410.55	$269472.04
8.0%	$161838.68	$171772.25	$182187.71	$193102.38	$204534.01
9.0%	$127144.99	$134948.83	$143131.23	$151705.81	$160686.48
10.0%	$102394.28	$108678.77	$115268.10	$122173.25	$129405.41
11.0%	$84022.06	$89178.76	$94585.59	$100251.55	$106185.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.63

Book Value / share($)Yahoo: $7.12

Results

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

Graham Number—

Current Price$6.10

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.14%

Terminal growth rate(%)

Computed WACC: 7.14%

Cost of equity (Re)9.63%(Rf 4.30% + β 0.97 × ERP 5.50%)

Cost of debt (Rd)6.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.97%

Debt weight (D/V)60.03%

Results

Current Price$6.10

Implied Near-term FCF Growth-0.8%

Historical Revenue Growth7.1%

Historical Earnings Growth241.7%

Base FCF (TTM)$36.21M

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: $1.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.19

Current Price$6.10

Upside / Downside+346.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $339.37M

Results

Implied Equity Value / share$-7.33

Current Price$6.10

Upside / Downside-220.2%

Implied EV$0

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