NHI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($87.05)
DCF	$42.68	-51.0%
Graham Number	$49.13	-43.6%
Reverse DCF	—	implied g: 13.2%
DDM	$75.40	-13.4%
EV/EBITDA	$84.51	-2.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $195.67M

Near-term growth (yrs 1–5)(%)Rev: -11.7% / EPS: -14.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.70%

Computed WACC: 6.70%

Cost of equity (Re)7.92%(Rf 4.30% + β 0.66 × ERP 5.50%)

Cost of debt (Rd)4.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)74.29%

Debt weight (D/V)25.71%

Results

Intrinsic Value / share$82.65

Current Price$87.05

Upside / Downside-5.1%

Net Debt (used)$1.40B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$43.30	$58.00	$75.12	$94.92	$117.73
8.0%	$30.36	$42.19	$55.94	$71.84	$90.12
9.0%	$21.39	$31.24	$42.68	$55.87	$71.04
10.0%	$14.80	$23.21	$32.95	$44.18	$57.06
11.0%	$9.76	$17.07	$25.52	$35.25	$46.40

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.18

Book Value / share($)Yahoo: $33.73

Results

Graham Number$49.13

Current Price$87.05

Margin of Safety-43.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.70%

Terminal growth rate(%)

Computed WACC: 6.70%

Cost of equity (Re)7.92%(Rf 4.30% + β 0.66 × ERP 5.50%)

Cost of debt (Rd)4.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)74.29%

Debt weight (D/V)25.71%

Results

Current Price$87.05

Implied Near-term FCF Growth5.6%

Historical Revenue Growth-11.7%

Historical Earnings Growth-14.1%

Base FCF (TTM)$195.67M

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: $3.66

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$75.40

Current Price$87.05

Upside / Downside-13.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $276.77M

Target EV/EBITDA multipleCurrent: 19.6×

Net Debt($B)Default: $1.40B

Results

Implied Equity Value / share$84.51

Current Price$87.05

Upside / Downside-2.9%

Implied EV$5.43B

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

Mult \ Net Debt	$1.40B	$1.40B	$1.40B	$1.40B	$1.40B
15.6x	$61.27	$61.27	$61.27	$61.27	$61.27
17.6x	$72.89	$72.89	$72.89	$72.89	$72.89
19.6x	$84.51	$84.51	$84.51	$84.51	$84.51
21.6x	$96.13	$96.13	$96.13	$96.13	$96.13
23.6x	$107.75	$107.75	$107.75	$107.75	$107.75

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