SPHR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($114.40)
DCF	$745.49	+551.6%
Graham Number	$32.37	-71.7%
Reverse DCF	—	implied g: -2.8%
DDM	—	—
EV/EBITDA	$141.83	+24.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $336.34M

Near-term growth (yrs 1–5)(%)Rev: 27.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.99%

Computed WACC: 10.99%

Cost of equity (Re)13.59%(Rf 4.30% + β 1.69 × 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)80.86%

Debt weight (D/V)19.14%

Results

Intrinsic Value / share$534.65

Current Price$114.40

Upside / Downside+367.4%

Net Debt (used)$453.68M

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

WACC \ Near-term	19.9%	23.9%	27.9%	31.9%	35.9%
7.0%	$842.74	$990.36	$1157.94	$1347.46	$1561.03
8.0%	$665.97	$782.18	$914.03	$1063.06	$1230.93
9.0%	$544.75	$639.44	$746.82	$868.14	$1004.72
10.0%	$456.77	$535.87	$625.53	$726.76	$840.69
11.0%	$390.24	$457.58	$533.85	$619.93	$716.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.74

Book Value / share($)Yahoo: $62.91

Results

Graham Number$32.37

Current Price$114.40

Margin of Safety-71.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.99%

Terminal growth rate(%)

Computed WACC: 10.99%

Cost of equity (Re)13.59%(Rf 4.30% + β 1.69 × 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)80.86%

Debt weight (D/V)19.14%

Results

Current Price$114.40

Implied Near-term FCF Growth1.6%

Historical Revenue Growth27.9%

Historical Earnings Growth—

Base FCF (TTM)$336.34M

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$114.40

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $182.28M

Target EV/EBITDA multipleCurrent: 24.8×

Net Debt($B)Default: $453.68M

Results

Implied Equity Value / share$141.83

Current Price$114.40

Upside / Downside+24.0%

Implied EV$4.52B

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

Mult \ Net Debt	-$1.55B	-$546.32M	$453.68M	$1.45B	$2.45B
20.8x	$186.21	$151.29	$116.37	$81.45	$46.53
22.8x	$198.95	$164.02	$129.10	$94.18	$59.26
24.8x	$211.68	$176.75	$141.83	$106.91	$71.99
26.8x	$224.41	$189.49	$154.56	$119.64	$84.72
28.8x	$237.14	$202.22	$167.30	$132.37	$97.45

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