WHD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($52.60)
DCF	$-52.50	-199.8%
Graham Number	$31.71	-39.7%
Reverse DCF	—	—
DDM	$11.54	-78.1%
EV/EBITDA	$57.05	+8.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$210.74M

Near-term growth (yrs 1–5)(%)Rev: -4.0% / EPS: -15.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.26%

Computed WACC: 11.26%

Cost of equity (Re)11.38%(Rf 4.30% + β 1.29 × 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)98.97%

Debt weight (D/V)1.03%

Results

Intrinsic Value / share$-38.48

Current Price$52.60

Upside / Downside-173.1%

Net Debt (used)-$85.82M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-52.96	$-63.92	$-76.67	$-91.43	$-108.43
8.0%	$-43.31	$-52.14	$-62.39	$-74.23	$-87.86
9.0%	$-36.63	$-43.98	$-52.50	$-62.33	$-73.64
10.0%	$-31.72	$-37.99	$-45.25	$-53.62	$-63.22
11.0%	$-27.97	$-33.41	$-39.71	$-46.96	$-55.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.51

Book Value / share($)Yahoo: $17.80

Results

Graham Number$31.71

Current Price$52.60

Margin of Safety-39.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.26%

Terminal growth rate(%)

Computed WACC: 11.26%

Cost of equity (Re)11.38%(Rf 4.30% + β 1.29 × 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)98.97%

Debt weight (D/V)1.03%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$52.60

Implied Near-term FCF Growth—

Historical Revenue Growth-4.0%

Historical Earnings Growth-15.4%

Base FCF (TTM)-$210.74M

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$52.60

Upside / Downside-78.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $314.42M

Target EV/EBITDA multipleCurrent: 12.2×

Net Debt($B)Default: -$85.82M

Results

Implied Equity Value / share$57.05

Current Price$52.60

Upside / Downside+8.5%

Implied EV$3.84B

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

Mult \ Net Debt	-$2.09B	-$1.09B	-$85.82M	$914.18M	$1.91B
8.2x	$67.83	$53.31	$38.78	$24.25	$9.73
10.2x	$76.97	$62.44	$47.92	$33.39	$18.86
12.2x	$86.10	$71.58	$57.05	$42.52	$28.00
14.2x	$95.24	$80.71	$66.18	$51.66	$37.13
16.2x	$104.37	$89.85	$75.32	$60.79	$46.27

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