NHC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($171.15)
DCF	$5950787.45	+3476842.7%
Graham Number	$100.51	-41.3%
Reverse DCF	—	implied g: 9.6%
DDM	$52.74	-69.2%
EV/EBITDA	$171.80	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $108.38M

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 306.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.32%

Computed WACC: 7.32%

Cost of equity (Re)7.56%(Rf 4.30% + β 0.59 × 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)96.83%

Debt weight (D/V)3.17%

Results

Intrinsic Value / share$9132520.36

Current Price$171.15

Upside / Downside+5335874.5%

Net Debt (used)-$168.73M

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

WACC \ Near-term	298.3%	302.3%	306.3%	310.3%	314.3%
7.0%	$9077645.10	$9542686.15	$10026594.03	$10529937.09	$11053294.97
8.0%	$6877319.42	$7229633.86	$7596241.60	$7977573.22	$8374067.83
9.0%	$5392847.81	$5669110.34	$5956580.62	$6255596.26	$6566501.58
10.0%	$4334783.25	$4556839.58	$4787904.43	$5028249.16	$5278150.52
11.0%	$3550165.02	$3732024.37	$3921261.39	$4118098.30	$4322761.77

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.49

Book Value / share($)Yahoo: $69.18

Results

Graham Number$100.51

Current Price$171.15

Margin of Safety-41.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.32%

Terminal growth rate(%)

Computed WACC: 7.32%

Cost of equity (Re)7.56%(Rf 4.30% + β 0.59 × 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)96.83%

Debt weight (D/V)3.17%

Results

Current Price$171.15

Implied Near-term FCF Growth4.4%

Historical Revenue Growth4.6%

Historical Earnings Growth306.3%

Base FCF (TTM)$108.38M

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: $2.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$52.74

Current Price$171.15

Upside / Downside-69.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $173.27M

Target EV/EBITDA multipleCurrent: 14.4×

Net Debt($B)Default: -$168.73M

Results

Implied Equity Value / share$171.80

Current Price$171.15

Upside / Downside+0.4%

Implied EV$2.50B

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

Mult \ Net Debt	-$2.17B	-$1.17B	-$168.73M	$831.27M	$1.83B
10.4x	$256.04	$191.59	$127.13	$62.68	$-1.77
12.4x	$278.37	$213.92	$149.47	$85.02	$20.56
14.4x	$300.71	$236.26	$171.80	$107.35	$42.90
16.4x	$323.04	$258.59	$194.14	$129.69	$65.23
18.4x	$345.38	$280.93	$216.48	$152.02	$87.57

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