HTO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($57.90)
DCF	$-180.44	-411.6%
Graham Number	$55.16	-4.7%
Reverse DCF	—	—
DDM	$36.26	-37.4%
EV/EBITDA	$58.48	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$256.56M

Near-term growth (yrs 1–5)(%)Rev: -1.8% / EPS: -34.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.09%

Computed WACC: 5.09%

Cost of equity (Re)6.92%(Rf 4.30% + β 0.48 × ERP 5.50%)

Cost of debt (Rd)4.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.18%

Debt weight (D/V)48.82%

Results

Intrinsic Value / share$-372.74

Current Price$57.90

Upside / Downside-743.8%

Net Debt (used)$1.96B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-181.52	$-207.18	$-237.03	$-271.58	$-311.37
8.0%	$-158.94	$-179.60	$-203.58	$-231.31	$-263.21
9.0%	$-143.30	$-160.50	$-180.44	$-203.46	$-229.92
10.0%	$-131.81	$-146.48	$-163.47	$-183.06	$-205.54
11.0%	$-123.02	$-135.77	$-150.51	$-167.48	$-186.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.17

Book Value / share($)Yahoo: $42.66

Results

Graham Number$55.16

Current Price$57.90

Margin of Safety-4.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.09%

Terminal growth rate(%)

Computed WACC: 5.09%

Cost of equity (Re)6.92%(Rf 4.30% + β 0.48 × ERP 5.50%)

Cost of debt (Rd)4.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.18%

Debt weight (D/V)48.82%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$57.90

Implied Near-term FCF Growth—

Historical Revenue Growth-1.8%

Historical Earnings Growth-34.4%

Base FCF (TTM)-$256.56M

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: $1.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$36.26

Current Price$57.90

Upside / Downside-37.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $307.92M

Target EV/EBITDA multipleCurrent: 13.2×

Net Debt($B)Default: $1.96B

Results

Implied Equity Value / share$58.48

Current Price$57.90

Upside / Downside+1.0%

Implied EV$4.05B

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

Mult \ Net Debt	$1.96B	$1.96B	$1.96B	$1.96B	$1.96B
9.2x	$24.08	$24.08	$24.08	$24.08	$24.08
11.2x	$41.28	$41.28	$41.28	$41.28	$41.28
13.2x	$58.48	$58.48	$58.48	$58.48	$58.48
15.2x	$75.68	$75.68	$75.68	$75.68	$75.68
17.2x	$92.88	$92.88	$92.88	$92.88	$92.88

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