SCHL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($34.27)
DCF	$-636.84	-1958.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	$16.48	-51.9%
EV/EBITDA	$35.33	+3.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$250.59M

Near-term growth (yrs 1–5)(%)Rev: 1.2% / EPS: 26.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.01%

Computed WACC: 11.01%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)14.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)68.50%

Debt weight (D/V)31.50%

Results

Intrinsic Value / share$-463.37

Current Price$34.27

Upside / Downside-1452.3%

Net Debt (used)$301.60M

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

WACC \ Near-term	18.9%	22.9%	26.9%	30.9%	34.9%
7.0%	$-713.83	$-835.34	$-973.42	$-1129.72	$-1305.99
8.0%	$-569.97	$-665.69	$-774.40	$-897.39	$-1036.03
9.0%	$-471.28	$-549.34	$-637.93	$-738.11	$-850.99
10.0%	$-399.63	$-464.88	$-538.90	$-622.56	$-716.76
11.0%	$-345.43	$-401.02	$-464.03	$-535.21	$-615.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.19

Book Value / share($)Yahoo: $36.60

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$34.27

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.01%

Terminal growth rate(%)

Computed WACC: 11.01%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)14.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)68.50%

Debt weight (D/V)31.50%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$34.27

Implied Near-term FCF Growth—

Historical Revenue Growth1.2%

Historical Earnings Growth26.9%

Base FCF (TTM)-$250.59M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$34.27

Upside / Downside-51.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $96.20M

Target EV/EBITDA multipleCurrent: 12.2×

Net Debt($B)Default: $301.60M

Results

Implied Equity Value / share$35.33

Current Price$34.27

Upside / Downside+3.1%

Implied EV$1.17B

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

Mult \ Net Debt	-$1.70B	-$698.40M	$301.60M	$1.30B	$2.30B
8.2x	$100.95	$60.33	$19.70	$-20.93	$-61.56
10.2x	$108.77	$68.14	$27.51	$-13.11	$-53.74
12.2x	$116.59	$75.96	$35.33	$-5.30	$-45.92
14.2x	$124.40	$83.78	$43.15	$2.52	$-38.11
16.2x	$132.22	$91.59	$50.97	$10.34	$-30.29

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