HVT-A — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($25.50)
DCF	$336.19	+1218.4%
Graham Number	$22.60	-11.4%
Reverse DCF	—	implied g: -14.6%
DDM	$25.13	-1.4%
EV/EBITDA	$337.43	+1223.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $21.94M

Near-term growth (yrs 1–5)(%)Rev: 9.5% / EPS: 3.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.60%

Computed WACC: 7.60%

Cost of equity (Re)11.31%(Rf 4.30% + β 1.27 × ERP 5.50%)

Cost of debt (Rd)0.07%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.07%

Debt weight (D/V)32.93%

Results

Intrinsic Value / share$456.75

Current Price$25.50

Upside / Downside+1691.2%

Net Debt (used)$91.09M

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

WACC \ Near-term	1.5%	5.5%	9.5%	13.5%	17.5%
7.0%	$350.90	$434.45	$531.15	$642.52	$770.18
8.0%	$272.04	$338.92	$416.22	$505.14	$606.98
9.0%	$217.55	$272.93	$336.87	$410.35	$494.41
10.0%	$177.67	$224.67	$278.87	$341.08	$412.19
11.0%	$147.24	$187.87	$234.66	$288.32	$349.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.19

Book Value / share($)Yahoo: $19.07

Results

Graham Number$22.60

Current Price$25.50

Margin of Safety-11.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.60%

Terminal growth rate(%)

Computed WACC: 7.60%

Cost of equity (Re)11.31%(Rf 4.30% + β 1.27 × ERP 5.50%)

Cost of debt (Rd)0.07%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)67.07%

Debt weight (D/V)32.93%

Results

Current Price$25.50

Implied Near-term FCF Growth-17.5%

Historical Revenue Growth9.5%

Historical Earnings Growth3.8%

Base FCF (TTM)$21.94M

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: $1.22

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.13

Current Price$25.50

Upside / Downside-1.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $45.46M

Target EV/EBITDA multipleCurrent: 11.1×

Net Debt($B)Default: $91.09M

Results

Implied Equity Value / share$337.43

Current Price$25.50

Upside / Downside+1223.3%

Implied EV$502.75M

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

Mult \ Net Debt	-$1.91B	-$908.91M	$91.09M	$1.09B	$2.09B
7.1x	$1827.75	$1008.07	$188.38	$-631.31	$-1451.00
9.1x	$1902.28	$1082.59	$262.91	$-556.78	$-1376.47
11.1x	$1976.81	$1157.12	$337.43	$-482.25	$-1301.94
13.1x	$2051.34	$1231.65	$411.96	$-407.73	$-1227.41
15.1x	$2125.87	$1306.18	$486.49	$-333.20	$-1152.89

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