HY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.61)
DCF	$15.98	-57.5%
Graham Number	$9.76	-74.0%
Reverse DCF	—	implied g: 11.9%
DDM	$29.66	-21.1%
EV/EBITDA	$50.20	+33.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $35.40M

Near-term growth (yrs 1–5)(%)Rev: -3.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.01%

Computed WACC: 10.01%

Cost of equity (Re)12.80%(Rf 4.30% + β 1.54 × ERP 5.50%)

Cost of debt (Rd)7.65%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)58.78%

Debt weight (D/V)41.22%

Results

Intrinsic Value / share$10.06

Current Price$37.61

Upside / Downside-73.2%

Net Debt (used)$393.20M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$16.36	$25.23	$35.55	$47.50	$61.27
8.0%	$8.55	$15.69	$23.99	$33.58	$44.61
9.0%	$3.14	$9.08	$15.98	$23.95	$33.09
10.0%	$-0.84	$4.24	$10.11	$16.89	$24.66
11.0%	$-3.88	$0.53	$5.63	$11.50	$18.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.14

Book Value / share($)Yahoo: $30.25

Results

Graham Number$9.76

Current Price$37.61

Margin of Safety-74.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.01%

Terminal growth rate(%)

Computed WACC: 10.01%

Cost of equity (Re)12.80%(Rf 4.30% + β 1.54 × ERP 5.50%)

Cost of debt (Rd)7.65%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)58.78%

Debt weight (D/V)41.22%

Results

Current Price$37.61

Implied Near-term FCF Growth14.7%

Historical Revenue Growth-3.6%

Historical Earnings Growth—

Base FCF (TTM)$35.40M

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: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$37.61

Upside / Downside-21.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $126.00M

Target EV/EBITDA multipleCurrent: 8.8×

Net Debt($B)Default: $393.20M

Results

Implied Equity Value / share$50.20

Current Price$37.61

Upside / Downside+33.5%

Implied EV$1.11B

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

Mult \ Net Debt	-$1.61B	-$606.80M	$393.20M	$1.39B	$2.39B
4.8x	$154.93	$84.92	$14.91	$-55.10	$-125.11
6.8x	$172.57	$102.56	$32.55	$-37.46	$-107.46
8.8x	$190.21	$120.20	$50.20	$-19.81	$-89.82
10.8x	$207.85	$137.85	$67.84	$-2.17	$-72.18
12.8x	$225.50	$155.49	$85.48	$15.47	$-54.54

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