UHT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($44.10)
DCF	$30.54	-30.8%
Graham Number	$17.85	-59.5%
Reverse DCF	—	implied g: 8.6%
DDM	$61.39	+39.2%
EV/EBITDA	$44.10	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $45.65M

Near-term growth (yrs 1–5)(%)Rev: 0.0% / EPS: -8.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.63%

Computed WACC: 5.63%

Cost of equity (Re)9.18%(Rf 4.30% + β 0.89 × 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)61.31%

Debt weight (D/V)38.69%

Results

Intrinsic Value / share$93.50

Current Price$44.10

Upside / Downside+112.0%

Net Debt (used)$377.75M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$31.03	$42.81	$56.52	$72.38	$90.65
8.0%	$20.67	$30.15	$41.16	$53.90	$68.54
9.0%	$13.48	$21.38	$30.54	$41.11	$53.25
10.0%	$8.21	$14.94	$22.75	$31.74	$42.06
11.0%	$4.17	$10.02	$16.79	$24.58	$33.52

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.29

Book Value / share($)Yahoo: $10.98

Results

Graham Number$17.85

Current Price$44.10

Margin of Safety-59.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.63%

Terminal growth rate(%)

Computed WACC: 5.63%

Cost of equity (Re)9.18%(Rf 4.30% + β 0.89 × 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)61.31%

Debt weight (D/V)38.69%

Results

Current Price$44.10

Implied Near-term FCF Growth-3.0%

Historical Revenue Growth0.0%

Historical Earnings Growth-8.1%

Base FCF (TTM)$45.65M

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: $2.98

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$61.39

Current Price$44.10

Upside / Downside+39.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $66.05M

Target EV/EBITDA multipleCurrent: 15.0×

Net Debt($B)Default: $377.75M

Results

Implied Equity Value / share$44.10

Current Price$44.10

Upside / Downside+0.0%

Implied EV$989.61M

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

Mult \ Net Debt	-$1.62B	-$622.25M	$377.75M	$1.38B	$2.38B
11.0x	$169.22	$97.14	$25.06	$-47.02	$-119.10
13.0x	$178.74	$106.66	$34.58	$-37.50	$-109.58
15.0x	$188.26	$116.18	$44.10	$-27.98	$-100.06
17.0x	$197.78	$125.70	$53.62	$-18.45	$-90.53
19.0x	$207.30	$135.23	$63.15	$-8.93	$-81.01

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