VHI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.97)
DCF	$-42.23	-402.3%
Graham Number	$23.27	+66.5%
Reverse DCF	—	—
DDM	$6.59	-52.8%
EV/EBITDA	$26.87	+92.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$39.80M

Near-term growth (yrs 1–5)(%)Rev: -5.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.77%

Computed WACC: 8.77%

Cost of equity (Re)10.69%(Rf 4.30% + β 1.16 × ERP 5.50%)

Cost of debt (Rd)9.69%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)36.66%

Debt weight (D/V)63.34%

Results

Intrinsic Value / share$-43.15

Current Price$13.97

Upside / Downside-408.9%

Net Debt (used)$496.60M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-42.45	$-47.48	$-53.34	$-60.12	$-67.93
8.0%	$-38.02	$-42.07	$-46.78	$-52.22	$-58.48
9.0%	$-34.95	$-38.32	$-42.23	$-46.75	$-51.94
10.0%	$-32.69	$-35.57	$-38.91	$-42.75	$-47.16
11.0%	$-30.97	$-33.47	$-36.36	$-39.69	$-43.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.65

Book Value / share($)Yahoo: $37.01

Results

Graham Number$23.27

Current Price$13.97

Margin of Safety+66.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.77%

Terminal growth rate(%)

Computed WACC: 8.77%

Cost of equity (Re)10.69%(Rf 4.30% + β 1.16 × ERP 5.50%)

Cost of debt (Rd)9.69%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)36.66%

Debt weight (D/V)63.34%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$13.97

Implied Near-term FCF Growth—

Historical Revenue Growth-5.6%

Historical Earnings Growth—

Base FCF (TTM)-$39.80M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$13.97

Upside / Downside-52.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $216.40M

Target EV/EBITDA multipleCurrent: 5.8×

Net Debt($B)Default: $496.60M

Results

Implied Equity Value / share$26.87

Current Price$13.97

Upside / Downside+92.3%

Implied EV$1.26B

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

Mult \ Net Debt	-$1.50B	-$503.40M	$496.60M	$1.50B	$2.50B
1.8x	$66.95	$31.62	$-3.71	$-39.05	$-74.38
3.8x	$82.24	$46.91	$11.58	$-23.76	$-59.09
5.8x	$97.54	$62.20	$26.87	$-8.46	$-43.80
7.8x	$112.83	$77.49	$42.16	$6.83	$-28.50
9.8x	$128.12	$92.79	$57.45	$22.12	$-13.21

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