HXL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($91.72)
DCF	$2466777806.90	+2689612075.7%
Graham Number	$22.57	-75.4%
Reverse DCF	—	implied g: 28.4%
DDM	$14.21	-84.5%
EV/EBITDA	$94.73	+3.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $118.42M

Near-term growth (yrs 1–5)(%)Rev: 3.7% / EPS: 816.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.07%

Computed WACC: 9.07%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)87.76%

Debt weight (D/V)12.24%

Results

Intrinsic Value / share$2426860436.69

Current Price$91.72

Upside / Downside+2646088802.2%

Net Debt (used)$947.70M

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

WACC \ Near-term	808.6%	812.6%	816.6%	820.6%	824.6%
7.0%	$4008764166.03	$4097784944.67	$4188380220.71	$4280570788.35	$4374377624.06
8.0%	$3024014160.34	$3091167039.57	$3159507641.72	$3229051652.91	$3299814896.74
9.0%	$2360991621.29	$2413421058.36	$2466777806.90	$2521074113.80	$2576322333.29
10.0%	$1889467937.76	$1931426461.66	$1974127099.48	$2017579652.20	$2061794006.74
11.0%	$1540637997.23	$1574850212.74	$1609667534.31	$1645097953.47	$1681149531.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.37

Book Value / share($)Yahoo: $16.52

Results

Graham Number$22.57

Current Price$91.72

Margin of Safety-75.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.07%

Terminal growth rate(%)

Computed WACC: 9.07%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)87.76%

Debt weight (D/V)12.24%

Results

Current Price$91.72

Implied Near-term FCF Growth28.7%

Historical Revenue Growth3.7%

Historical Earnings Growth816.6%

Base FCF (TTM)$118.42M

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: $0.69

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.21

Current Price$91.72

Upside / Downside-84.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $326.60M

Target EV/EBITDA multipleCurrent: 24.9×

Net Debt($B)Default: $947.70M

Results

Implied Equity Value / share$94.73

Current Price$91.72

Upside / Downside+3.3%

Implied EV$8.13B

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

Mult \ Net Debt	-$1.05B	-$52.30M	$947.70M	$1.95B	$2.95B
20.9x	$103.87	$90.69	$77.51	$64.33	$51.15
22.9x	$112.48	$99.30	$86.12	$72.94	$59.76
24.9x	$121.09	$107.91	$94.73	$81.55	$68.37
26.9x	$129.70	$116.52	$103.34	$90.16	$76.98
28.9x	$138.31	$125.13	$111.95	$98.77	$85.59

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