SBH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.20)
DCF	$14.64	-9.6%
Graham Number	$18.29	+12.9%
Reverse DCF	—	implied g: 5.9%
DDM	—	—
EV/EBITDA	$16.20	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $159.74M

Near-term growth (yrs 1–5)(%)Rev: 0.6% / EPS: -22.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.87%

Computed WACC: 7.87%

Cost of equity (Re)10.23%(Rf 4.30% + β 1.08 × ERP 5.50%)

Cost of debt (Rd)6.89%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.81%

Debt weight (D/V)49.19%

Results

Intrinsic Value / share$20.80

Current Price$16.20

Upside / Downside+28.4%

Net Debt (used)$1.38B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$14.89	$20.79	$27.65	$35.59	$44.73
8.0%	$9.70	$14.45	$19.96	$26.33	$33.66
9.0%	$6.11	$10.06	$14.64	$19.93	$26.01
10.0%	$3.47	$6.84	$10.74	$15.24	$20.41
11.0%	$1.45	$4.38	$7.76	$11.66	$16.13

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.76

Book Value / share($)Yahoo: $8.45

Results

Graham Number$18.29

Current Price$16.20

Margin of Safety+12.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.87%

Terminal growth rate(%)

Computed WACC: 7.87%

Cost of equity (Re)10.23%(Rf 4.30% + β 1.08 × ERP 5.50%)

Cost of debt (Rd)6.89%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.81%

Debt weight (D/V)49.19%

Results

Current Price$16.20

Implied Near-term FCF Growth2.7%

Historical Revenue Growth0.6%

Historical Earnings Growth-22.4%

Base FCF (TTM)$159.74M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$16.20

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $407.91M

Target EV/EBITDA multipleCurrent: 7.2×

Net Debt($B)Default: $1.38B

Results

Implied Equity Value / share$16.20

Current Price$16.20

Upside / Downside+0.0%

Implied EV$2.96B

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

Mult \ Net Debt	$1.38B	$1.38B	$1.38B	$1.38B	$1.38B
3.2x	$-0.62	$-0.62	$-0.62	$-0.62	$-0.62
5.2x	$7.79	$7.79	$7.79	$7.79	$7.79
7.2x	$16.20	$16.20	$16.20	$16.20	$16.20
9.2x	$24.61	$24.61	$24.61	$24.61	$24.61
11.2x	$33.02	$33.02	$33.02	$33.02	$33.02

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