HVT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.17)
DCF	$27.26	+17.6%
Graham Number	$22.41	-3.3%
Reverse DCF	—	implied g: 7.3%
DDM	$26.78	+15.6%
EV/EBITDA	$24.86	+7.3%

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: 7.20%

Computed WACC: 7.20%

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)63.52%

Debt weight (D/V)36.48%

Results

Intrinsic Value / share$40.88

Current Price$23.17

Upside / Downside+76.4%

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%	$28.45	$35.22	$43.07	$52.09	$62.45
8.0%	$22.06	$27.48	$33.75	$40.96	$49.21
9.0%	$17.64	$22.13	$27.31	$33.27	$40.09
10.0%	$14.41	$18.22	$22.61	$27.65	$33.42
11.0%	$11.94	$15.23	$19.03	$23.38	$28.34

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.17

Book Value / share($)Yahoo: $19.07

Results

Graham Number$22.41

Current Price$23.17

Margin of Safety-3.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.20%

Terminal growth rate(%)

Computed WACC: 7.20%

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)63.52%

Debt weight (D/V)36.48%

Results

Current Price$23.17

Implied Near-term FCF Growth1.9%

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: $1.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.78

Current Price$23.17

Upside / Downside+15.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $45.46M

Target EV/EBITDA multipleCurrent: 10.2×

Net Debt($B)Default: $91.09M

Results

Implied Equity Value / share$24.86

Current Price$23.17

Upside / Downside+7.3%

Implied EV$465.16M

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

Mult \ Net Debt	-$1.91B	-$908.91M	$91.09M	$1.09B	$2.09B
6.2x	$145.69	$79.23	$12.77	$-53.68	$-120.14
8.2x	$151.74	$85.28	$18.82	$-47.64	$-114.10
10.2x	$157.78	$91.32	$24.86	$-41.60	$-108.06
12.2x	$163.82	$97.36	$30.90	$-35.56	$-102.02
14.2x	$169.86	$103.40	$36.95	$-29.51	$-95.97

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