PVH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($66.59)
DCF	$39.50	-40.7%
Graham Number	$125.20	+88.0%
Reverse DCF	—	implied g: 8.3%
DDM	$3.09	-95.4%
EV/EBITDA	$66.59	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $336.70M

Near-term growth (yrs 1–5)(%)Rev: 1.7% / EPS: -96.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.70%

Computed WACC: 7.70%

Cost of equity (Re)13.50%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)4.22%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.93%

Debt weight (D/V)57.07%

Results

Intrinsic Value / share$72.15

Current Price$66.59

Upside / Downside+8.4%

Net Debt (used)$4.10B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$40.61	$66.94	$97.56	$133.00	$173.82
8.0%	$17.45	$38.64	$63.25	$91.69	$124.42
9.0%	$1.40	$19.04	$39.50	$63.12	$90.26
10.0%	$-10.38	$4.67	$22.10	$42.19	$65.25
11.0%	$-19.40	$-6.33	$8.80	$26.20	$46.16

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.54

Book Value / share($)Yahoo: $106.53

Results

Graham Number$125.20

Current Price$66.59

Margin of Safety+88.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.70%

Terminal growth rate(%)

Computed WACC: 7.70%

Cost of equity (Re)13.50%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)4.22%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.93%

Debt weight (D/V)57.07%

Results

Current Price$66.59

Implied Near-term FCF Growth4.4%

Historical Revenue Growth1.7%

Historical Earnings Growth-96.2%

Base FCF (TTM)$336.70M

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: $0.15

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$3.09

Current Price$66.59

Upside / Downside-95.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $922.20M

Target EV/EBITDA multipleCurrent: 7.8×

Net Debt($B)Default: $4.10B

Results

Implied Equity Value / share$66.59

Current Price$66.59

Upside / Downside-0.0%

Implied EV$7.15B

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

Mult \ Net Debt	$2.10B	$3.10B	$4.10B	$5.10B	$6.10B
3.8x	$29.72	$7.88	$-13.95	$-35.78	$-57.62
5.8x	$69.98	$48.15	$26.32	$4.49	$-17.35
7.8x	$110.25	$88.42	$66.59	$44.75	$22.92
9.8x	$150.52	$128.69	$106.86	$85.02	$63.19
11.8x	$190.79	$168.96	$147.12	$125.29	$103.46

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