ULH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.22)
DCF	$-76.62	-544.9%
Graham Number	—	—
Reverse DCF	—	—
DDM	$8.65	-49.8%
EV/EBITDA	$17.76	+3.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$63.80M

Near-term growth (yrs 1–5)(%)Rev: -7.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.21%

Computed WACC: 6.21%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × ERP 5.50%)

Cost of debt (Rd)6.04%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)32.67%

Debt weight (D/V)67.33%

Results

Intrinsic Value / share$-109.00

Current Price$17.22

Upside / Downside-733.0%

Net Debt (used)$897.28M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-76.98	$-85.66	$-95.75	$-107.43	$-120.89
8.0%	$-69.35	$-76.33	$-84.44	$-93.82	$-104.60
9.0%	$-64.06	$-69.87	$-76.62	$-84.40	$-93.35
10.0%	$-60.17	$-65.13	$-70.88	$-77.50	$-85.10
11.0%	$-57.20	$-61.51	$-66.49	$-72.23	$-78.81

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.54

Book Value / share($)Yahoo: $21.95

Results

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

Graham Number—

Current Price$17.22

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.21%

Terminal growth rate(%)

Computed WACC: 6.21%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × ERP 5.50%)

Cost of debt (Rd)6.04%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)32.67%

Debt weight (D/V)67.33%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$17.22

Implied Near-term FCF Growth—

Historical Revenue Growth-7.0%

Historical Earnings Growth—

Base FCF (TTM)-$63.80M

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: $0.42

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.65

Current Price$17.22

Upside / Downside-49.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $225.84M

Target EV/EBITDA multipleCurrent: 6.0×

Net Debt($B)Default: $897.28M

Results

Implied Equity Value / share$17.76

Current Price$17.22

Upside / Downside+3.2%

Implied EV$1.36B

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

Mult \ Net Debt	-$1.10B	-$102.72M	$897.28M	$1.90B	$2.90B
2.0x	$59.41	$21.43	$-16.55	$-54.53	$-92.50
4.0x	$76.57	$38.59	$0.61	$-37.37	$-75.35
6.0x	$93.72	$55.74	$17.76	$-20.22	$-58.20
8.0x	$110.88	$72.90	$34.92	$-3.06	$-41.04
10.0x	$128.03	$90.05	$52.07	$14.09	$-23.89

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