WHG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.27)
DCF	$32.77	+89.8%
Graham Number	$16.38	-5.2%
Reverse DCF	—	implied g: -5.8%
DDM	$12.36	-28.4%
EV/EBITDA	$15.52	-10.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $15.77M

Near-term growth (yrs 1–5)(%)Rev: 5.9% / EPS: -10.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.02%

Computed WACC: 8.02%

Cost of equity (Re)8.52%(Rf 4.30% + β 0.77 × 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)94.11%

Debt weight (D/V)5.89%

Results

Intrinsic Value / share$38.34

Current Price$17.27

Upside / Downside+122.0%

Net Debt (used)-$16.08M

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

WACC \ Near-term	-2.1%	1.9%	5.9%	9.9%	13.9%
7.0%	$33.14	$39.46	$46.80	$55.29	$65.06
8.0%	$27.50	$32.58	$38.48	$45.29	$53.11
9.0%	$23.60	$27.83	$32.72	$38.37	$44.85
10.0%	$20.73	$24.34	$28.50	$33.30	$38.81
11.0%	$18.54	$21.67	$25.28	$29.44	$34.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.79

Book Value / share($)Yahoo: $15.09

Results

Graham Number$16.38

Current Price$17.27

Margin of Safety-5.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.02%

Terminal growth rate(%)

Computed WACC: 8.02%

Cost of equity (Re)8.52%(Rf 4.30% + β 0.77 × 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)94.11%

Debt weight (D/V)5.89%

Results

Current Price$17.27

Implied Near-term FCF Growth-8.2%

Historical Revenue Growth5.9%

Historical Earnings Growth-10.1%

Base FCF (TTM)$15.77M

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$17.27

Upside / Downside-28.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $9.42M

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: -$16.08M

Results

Implied Equity Value / share$15.52

Current Price$17.27

Upside / Downside-10.1%

Implied EV$129.72M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$16.08M	$983.92M	$1.98B
9.8x	$224.41	$117.96	$11.51	$-94.94	$-201.39
11.8x	$226.42	$119.96	$13.51	$-92.94	$-199.39
13.8x	$228.42	$121.97	$15.52	$-90.93	$-197.38
15.8x	$230.43	$123.98	$17.53	$-88.92	$-195.37
17.8x	$232.43	$125.98	$19.53	$-86.92	$-193.37

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