UMH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.10)
DCF	$7.69	-49.0%
Graham Number	$3.52	-76.7%
Reverse DCF	—	implied g: 14.8%
DDM	$18.54	+22.8%
EV/EBITDA	$18.96	+25.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $63.65M

Near-term growth (yrs 1–5)(%)Rev: 8.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.26%

Computed WACC: 6.26%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × 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)62.75%

Debt weight (D/V)37.25%

Results

Intrinsic Value / share$19.78

Current Price$15.10

Upside / Downside+31.0%

Net Debt (used)$691.83M

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

WACC \ Near-term	0.2%	4.2%	8.2%	12.2%	16.2%
7.0%	$8.12	$11.33	$15.06	$19.36	$24.29
8.0%	$5.14	$7.72	$10.70	$14.14	$18.08
9.0%	$3.09	$5.22	$7.69	$10.54	$13.80
10.0%	$1.58	$3.40	$5.49	$7.90	$10.66
11.0%	$0.43	$2.00	$3.81	$5.90	$8.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.08

Book Value / share($)Yahoo: $6.87

Results

Graham Number$3.52

Current Price$15.10

Margin of Safety-76.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.26%

Terminal growth rate(%)

Computed WACC: 6.26%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × 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)62.75%

Debt weight (D/V)37.25%

Results

Current Price$15.10

Implied Near-term FCF Growth5.3%

Historical Revenue Growth8.2%

Historical Earnings Growth—

Base FCF (TTM)$63.65M

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: $0.90

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.54

Current Price$15.10

Upside / Downside+22.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $115.07M

Target EV/EBITDA multipleCurrent: 20.1×

Net Debt($B)Default: $691.83M

Results

Implied Equity Value / share$18.96

Current Price$15.10

Upside / Downside+25.6%

Implied EV$2.31B

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

Mult \ Net Debt	-$1.31B	-$308.17M	$691.83M	$1.69B	$2.69B
16.1x	$37.03	$25.29	$13.56	$1.83	$-9.91
18.1x	$39.73	$27.99	$16.26	$4.53	$-7.21
20.1x	$42.43	$30.69	$18.96	$7.23	$-4.51
22.1x	$45.13	$33.39	$21.66	$9.93	$-1.81
24.1x	$47.83	$36.09	$24.36	$12.63	$0.89

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