HST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.70)
DCF	$99.58	+405.5%
Graham Number	$15.36	-22.0%
Reverse DCF	—	implied g: 3.0%
DDM	$16.48	-16.3%
EV/EBITDA	$19.95	+1.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.18B

Near-term growth (yrs 1–5)(%)Rev: 12.8% / EPS: 27.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.57%

Computed WACC: 7.57%

Cost of equity (Re)10.67%(Rf 4.30% + β 1.16 × 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)70.87%

Debt weight (D/V)29.13%

Results

Intrinsic Value / share$136.05

Current Price$19.70

Upside / Downside+590.6%

Net Debt (used)$4.87B

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

WACC \ Near-term	19.1%	23.1%	27.1%	31.1%	35.1%
7.0%	$112.83	$133.56	$157.12	$183.79	$213.85
8.0%	$88.22	$104.55	$123.10	$144.08	$167.72
9.0%	$71.34	$84.66	$99.77	$116.85	$136.10
10.0%	$59.08	$70.22	$82.84	$97.11	$113.17
11.0%	$49.81	$59.30	$70.04	$82.18	$95.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.10

Book Value / share($)Yahoo: $9.54

Results

Graham Number$15.36

Current Price$19.70

Margin of Safety-22.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.57%

Terminal growth rate(%)

Computed WACC: 7.57%

Cost of equity (Re)10.67%(Rf 4.30% + β 1.16 × 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)70.87%

Debt weight (D/V)29.13%

Results

Current Price$19.70

Implied Near-term FCF Growth-1.0%

Historical Revenue Growth12.8%

Historical Earnings Growth27.1%

Base FCF (TTM)$1.18B

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$19.70

Upside / Downside-16.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.64B

Target EV/EBITDA multipleCurrent: 11.3×

Net Debt($B)Default: $4.87B

Results

Implied Equity Value / share$19.95

Current Price$19.70

Upside / Downside+1.3%

Implied EV$18.60B

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

Mult \ Net Debt	$2.87B	$3.87B	$4.87B	$5.87B	$6.87B
7.3x	$13.30	$11.85	$10.39	$8.94	$7.48
9.3x	$18.08	$16.63	$15.17	$13.72	$12.26
11.3x	$22.86	$21.41	$19.95	$18.50	$17.04
13.3x	$27.64	$26.19	$24.73	$23.28	$21.83
15.3x	$32.42	$30.97	$29.51	$28.06	$26.61

← Overview Financial Statements ← Companies