USPH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($83.03)
DCF	$113.83	+37.1%
Graham Number	$40.99	-50.6%
Reverse DCF	—	implied g: 7.9%
DDM	$37.29	-55.1%
EV/EBITDA	$101.91	+22.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $73.92M

Near-term growth (yrs 1–5)(%)Rev: 12.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.34%

Computed WACC: 9.34%

Cost of equity (Re)11.68%(Rf 4.30% + β 1.34 × 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)80.02%

Debt weight (D/V)19.98%

Results

Intrinsic Value / share$106.91

Current Price$83.03

Upside / Downside+28.8%

Net Debt (used)$278.85M

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

WACC \ Near-term	4.5%	8.5%	12.5%	16.5%	20.5%
7.0%	$120.72	$147.46	$178.31	$213.72	$254.18
8.0%	$94.36	$115.69	$140.27	$168.46	$200.65
9.0%	$76.17	$93.78	$114.05	$137.27	$163.77
10.0%	$62.88	$77.78	$94.91	$114.52	$136.87
11.0%	$52.76	$65.61	$80.35	$97.22	$116.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.37

Book Value / share($)Yahoo: $31.50

Results

Graham Number$40.99

Current Price$83.03

Margin of Safety-50.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.34%

Terminal growth rate(%)

Computed WACC: 9.34%

Cost of equity (Re)11.68%(Rf 4.30% + β 1.34 × 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)80.02%

Debt weight (D/V)19.98%

Results

Current Price$83.03

Implied Near-term FCF Growth8.9%

Historical Revenue Growth12.5%

Historical Earnings Growth—

Base FCF (TTM)$73.92M

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: $1.81

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.29

Current Price$83.03

Upside / Downside-55.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $103.09M

Target EV/EBITDA multipleCurrent: 17.7×

Net Debt($B)Default: $278.85M

Results

Implied Equity Value / share$101.91

Current Price$83.03

Upside / Downside+22.7%

Implied EV$1.83B

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

Mult \ Net Debt	-$1.72B	-$721.15M	$278.85M	$1.28B	$2.28B
13.7x	$206.33	$140.56	$74.79	$9.01	$-56.76
15.7x	$219.89	$154.12	$88.35	$22.57	$-43.20
17.7x	$233.45	$167.68	$101.91	$36.14	$-29.64
19.7x	$247.01	$181.24	$115.47	$49.70	$-16.07
21.7x	$260.57	$194.80	$129.03	$63.26	$-2.51

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