SHO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.49)
DCF	$16.86	+77.7%
Graham Number	$1.99	-79.1%
Reverse DCF	—	implied g: 3.0%
DDM	$7.42	-21.9%
EV/EBITDA	$10.94	+15.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $167.92M

Near-term growth (yrs 1–5)(%)Rev: 10.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.46%

Computed WACC: 6.46%

Cost of equity (Re)9.78%(Rf 4.30% + β 1.00 × 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)66.05%

Debt weight (D/V)33.95%

Results

Intrinsic Value / share$31.33

Current Price$9.49

Upside / Downside+230.1%

Net Debt (used)$816.57M

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

WACC \ Near-term	2.3%	6.3%	10.3%	14.3%	18.3%
7.0%	$17.63	$21.91	$26.86	$32.56	$39.08
8.0%	$13.54	$16.97	$20.92	$25.47	$30.67
9.0%	$10.72	$13.56	$16.82	$20.58	$24.87
10.0%	$8.66	$11.06	$13.83	$17.00	$20.63
11.0%	$7.08	$9.16	$11.55	$14.28	$17.41

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.02

Book Value / share($)Yahoo: $8.78

Results

Graham Number$1.99

Current Price$9.49

Margin of Safety-79.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.46%

Terminal growth rate(%)

Computed WACC: 6.46%

Cost of equity (Re)9.78%(Rf 4.30% + β 1.00 × 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)66.05%

Debt weight (D/V)33.95%

Results

Current Price$9.49

Implied Near-term FCF Growth-4.6%

Historical Revenue Growth10.3%

Historical Earnings Growth—

Base FCF (TTM)$167.92M

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$9.49

Upside / Downside-21.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $210.22M

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $816.57M

Results

Implied Equity Value / share$10.94

Current Price$9.49

Upside / Downside+15.3%

Implied EV$2.89B

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

Mult \ Net Debt	-$1.18B	-$183.43M	$816.57M	$1.82B	$2.82B
9.8x	$17.05	$11.78	$6.52	$1.25	$-4.02
11.8x	$19.26	$14.00	$8.73	$3.46	$-1.80
13.8x	$21.48	$16.21	$10.94	$5.68	$0.41
15.8x	$23.69	$18.42	$13.16	$7.89	$2.63
17.8x	$25.90	$20.64	$15.37	$10.11	$4.84

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