UTHR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($513.82)
DCF	$793.05	+54.3%
Graham Number	$310.54	-39.6%
Reverse DCF	—	implied g: 15.9%
DDM	—	—
EV/EBITDA	$523.03	+1.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $582.01M

Near-term growth (yrs 1–5)(%)Rev: 7.4% / EPS: 24.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.01%

Computed WACC: 9.01%

Cost of equity (Re)9.02%(Rf 4.30% + β 0.86 × 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)99.84%

Debt weight (D/V)0.16%

Results

Intrinsic Value / share$793.00

Current Price$513.82

Upside / Downside+54.3%

Net Debt (used)-$2.88B

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

WACC \ Near-term	16.5%	20.5%	24.5%	28.5%	32.5%
7.0%	$874.57	$1016.95	$1179.11	$1363.06	$1570.96
8.0%	$710.67	$823.02	$950.91	$1095.91	$1259.69
9.0%	$598.14	$689.92	$794.32	$912.62	$1046.17
10.0%	$516.37	$593.23	$680.60	$779.53	$891.17
11.0%	$454.46	$520.04	$594.54	$678.85	$773.94

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $26.36

Book Value / share($)Yahoo: $162.60

Results

Graham Number$310.54

Current Price$513.82

Margin of Safety-39.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.01%

Terminal growth rate(%)

Computed WACC: 9.01%

Cost of equity (Re)9.02%(Rf 4.30% + β 0.86 × 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)99.84%

Debt weight (D/V)0.16%

Results

Current Price$513.82

Implied Near-term FCF Growth15.9%

Historical Revenue Growth7.4%

Historical Earnings Growth24.5%

Base FCF (TTM)$582.01M

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$513.82

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.60B

Target EV/EBITDA multipleCurrent: 12.3×

Net Debt($B)Default: -$2.88B

Results

Implied Equity Value / share$523.03

Current Price$513.82

Upside / Downside+1.8%

Implied EV$19.64B

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

Mult \ Net Debt	-$4.88B	-$3.88B	-$2.88B	-$1.88B	-$882.70M
8.3x	$420.76	$397.54	$374.31	$351.08	$327.86
10.3x	$495.12	$471.89	$448.67	$425.44	$402.22
12.3x	$569.48	$546.25	$523.03	$499.80	$476.58
14.3x	$643.83	$620.61	$597.38	$574.16	$550.93
16.3x	$718.19	$694.97	$671.74	$648.52	$625.29

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