VSH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.15)
DCF	$-21.31	-211.3%
Graham Number	—	—
Reverse DCF	—	—
DDM	$8.24	-57.0%
EV/EBITDA	$21.02	+9.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$78.21M

Near-term growth (yrs 1–5)(%)Rev: 12.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.47%

Computed WACC: 7.47%

Cost of equity (Re)10.55%(Rf 4.30% + β 1.14 × 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)70.79%

Debt weight (D/V)29.21%

Results

Intrinsic Value / share$-26.88

Current Price$19.15

Upside / Downside-240.4%

Net Debt (used)$558.01M

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

WACC \ Near-term	4.1%	8.1%	12.1%	16.1%	20.1%
7.0%	$-22.08	$-25.47	$-29.38	$-33.87	$-39.00
8.0%	$-18.76	$-21.47	$-24.58	$-28.16	$-32.24
9.0%	$-16.47	$-18.71	$-21.28	$-24.23	$-27.59
10.0%	$-14.80	$-16.69	$-18.86	$-21.35	$-24.19
11.0%	$-13.52	$-15.15	$-17.03	$-19.17	$-21.61

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.07

Book Value / share($)Yahoo: $15.40

Results

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

Graham Number—

Current Price$19.15

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.47%

Terminal growth rate(%)

Computed WACC: 7.47%

Cost of equity (Re)10.55%(Rf 4.30% + β 1.14 × 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)70.79%

Debt weight (D/V)29.21%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$19.15

Implied Near-term FCF Growth—

Historical Revenue Growth12.1%

Historical Earnings Growth—

Base FCF (TTM)-$78.21M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$19.15

Upside / Downside-57.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $262.54M

Target EV/EBITDA multipleCurrent: 12.0×

Net Debt($B)Default: $558.01M

Results

Implied Equity Value / share$21.02

Current Price$19.15

Upside / Downside+9.8%

Implied EV$3.16B

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

Mult \ Net Debt	-$1.44B	-$441.99M	$558.01M	$1.56B	$2.56B
8.0x	$28.70	$20.62	$12.53	$4.45	$-3.64
10.0x	$32.95	$24.86	$16.78	$8.69	$0.61
12.0x	$37.19	$29.11	$21.02	$12.94	$4.85
14.0x	$41.44	$33.35	$25.27	$17.18	$9.10
16.0x	$45.68	$37.60	$29.51	$21.43	$13.34

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