XHR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.11)
DCF	$-5.90	-139.0%
Graham Number	$13.31	-11.9%
Reverse DCF	—	implied g: 27.2%
DDM	$11.54	-23.7%
EV/EBITDA	$15.71	+4.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $43.16M

Near-term growth (yrs 1–5)(%)Rev: 1.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.59%

Computed WACC: 5.59%

Cost of equity (Re)10.88%(Rf 4.30% + β 1.20 × 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)51.33%

Debt weight (D/V)48.67%

Results

Intrinsic Value / share$3.29

Current Price$15.11

Upside / Downside-78.2%

Net Debt (used)$1.30B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-5.82	$-4.15	$-2.20	$0.06	$2.66
8.0%	$-7.30	$-5.95	$-4.38	$-2.57	$-0.48
9.0%	$-8.32	$-7.20	$-5.90	$-4.39	$-2.66
10.0%	$-9.07	$-8.11	$-7.00	$-5.72	$-4.25
11.0%	$-9.65	$-8.82	$-7.85	$-6.74	$-5.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.64

Book Value / share($)Yahoo: $12.31

Results

Graham Number$13.31

Current Price$15.11

Margin of Safety-11.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.59%

Terminal growth rate(%)

Computed WACC: 5.59%

Cost of equity (Re)10.88%(Rf 4.30% + β 1.20 × 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)51.33%

Debt weight (D/V)48.67%

Results

Current Price$15.11

Implied Near-term FCF Growth13.1%

Historical Revenue Growth1.4%

Historical Earnings Growth—

Base FCF (TTM)$43.16M

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$15.11

Upside / Downside-23.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $238.01M

Target EV/EBITDA multipleCurrent: 11.6×

Net Debt($B)Default: $1.30B

Results

Implied Equity Value / share$15.71

Current Price$15.11

Upside / Downside+4.0%

Implied EV$2.75B

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

Mult \ Net Debt	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B
7.6x	$5.38	$5.38	$5.38	$5.38	$5.38
9.6x	$10.55	$10.55	$10.55	$10.55	$10.55
11.6x	$15.71	$15.71	$15.71	$15.71	$15.71
13.6x	$20.88	$20.88	$20.88	$20.88	$20.88
15.6x	$26.05	$26.05	$26.05	$26.05	$26.05

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