THC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($244.80)
DCF	$1097.04	+348.1%
Graham Number	$130.10	-46.9%
Reverse DCF	—	implied g: 6.9%
DDM	—	—
EV/EBITDA	$299.44	+22.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.68B

Near-term growth (yrs 1–5)(%)Rev: 8.9% / EPS: 27.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.22%

Computed WACC: 7.22%

Cost of equity (Re)12.07%(Rf 4.30% + β 1.41 × 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)59.86%

Debt weight (D/V)40.14%

Results

Intrinsic Value / share$1657.73

Current Price$244.80

Upside / Downside+577.2%

Net Debt (used)$11.55B

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

WACC \ Near-term	19.6%	23.6%	27.6%	31.6%	35.6%
7.0%	$1249.92	$1488.16	$1758.69	$2064.72	$2409.65
8.0%	$965.67	$1153.26	$1366.16	$1606.87	$1878.07
9.0%	$770.71	$923.61	$1097.04	$1293.04	$1513.75
10.0%	$629.19	$756.96	$901.80	$1065.39	$1249.53
11.0%	$522.17	$630.96	$754.21	$893.35	$1049.89

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $15.50

Book Value / share($)Yahoo: $48.53

Results

Graham Number$130.10

Current Price$244.80

Margin of Safety-46.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.22%

Terminal growth rate(%)

Computed WACC: 7.22%

Cost of equity (Re)12.07%(Rf 4.30% + β 1.41 × 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)59.86%

Debt weight (D/V)40.14%

Results

Current Price$244.80

Implied Near-term FCF Growth1.5%

Historical Revenue Growth8.9%

Historical Earnings Growth27.6%

Base FCF (TTM)$1.68B

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$244.80

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.63B

Target EV/EBITDA multipleCurrent: 8.1×

Net Debt($B)Default: $11.55B

Results

Implied Equity Value / share$299.44

Current Price$244.80

Upside / Downside+22.3%

Implied EV$37.59B

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

Mult \ Net Debt	$5.55B	$8.55B	$11.55B	$14.55B	$17.55B
4.1x	$155.24	$120.74	$86.25	$51.75	$17.25
6.1x	$261.84	$227.34	$192.84	$158.35	$123.85
8.1x	$368.44	$333.94	$299.44	$264.94	$230.45
10.1x	$475.03	$440.53	$406.04	$371.54	$337.04
12.1x	$581.63	$547.13	$512.63	$478.14	$443.64

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