KBH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($61.17)
DCF	$32.33	-47.2%
Graham Number	$92.44	+51.1%
Reverse DCF	—	implied g: 12.1%
DDM	$20.60	-66.3%
EV/EBITDA	$63.58	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $200.86M

Near-term growth (yrs 1–5)(%)Rev: -15.3% / EPS: -38.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.74%

Computed WACC: 8.74%

Cost of equity (Re)12.51%(Rf 4.30% + β 1.49 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)69.82%

Debt weight (D/V)30.18%

Results

Intrinsic Value / share$34.68

Current Price$61.17

Upside / Downside-43.3%

Net Debt (used)$1.48B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$32.81	$44.19	$57.44	$72.77	$90.42
8.0%	$22.79	$31.95	$42.60	$54.90	$69.05
9.0%	$15.85	$23.48	$32.33	$42.54	$54.28
10.0%	$10.75	$17.26	$24.80	$33.49	$43.46
11.0%	$6.85	$12.50	$19.04	$26.57	$35.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.15

Book Value / share($)Yahoo: $61.75

Results

Graham Number$92.44

Current Price$61.17

Margin of Safety+51.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.74%

Terminal growth rate(%)

Computed WACC: 8.74%

Cost of equity (Re)12.51%(Rf 4.30% + β 1.49 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)69.82%

Debt weight (D/V)30.18%

Results

Current Price$61.17

Implied Near-term FCF Growth11.4%

Historical Revenue Growth-15.3%

Historical Earnings Growth-38.4%

Base FCF (TTM)$200.86M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$61.17

Upside / Downside-66.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $611.40M

Target EV/EBITDA multipleCurrent: 9.0×

Net Debt($B)Default: $1.48B

Results

Implied Equity Value / share$63.58

Current Price$61.17

Upside / Downside+3.9%

Implied EV$5.50B

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

Mult \ Net Debt	$1.48B	$1.48B	$1.48B	$1.48B	$1.48B
5.0x	$24.87	$24.87	$24.87	$24.87	$24.87
7.0x	$44.22	$44.22	$44.22	$44.22	$44.22
9.0x	$63.58	$63.58	$63.58	$63.58	$63.58
11.0x	$82.94	$82.94	$82.94	$82.94	$82.94
13.0x	$102.29	$102.29	$102.29	$102.29	$102.29

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