CAH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($226.35)
DCF	$906.78	+300.6%
Graham Number	—	—
Reverse DCF	—	implied g: -3.0%
DDM	$42.02	-81.4%
EV/EBITDA	$230.67	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $5.44B

Near-term growth (yrs 1–5)(%)Rev: 18.8% / EPS: 19.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.96%

Computed WACC: 6.96%

Cost of equity (Re)7.69%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)3.40%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.51%

Debt weight (D/V)14.49%

Results

Intrinsic Value / share$1398.59

Current Price$226.35

Upside / Downside+517.9%

Net Debt (used)$6.25B

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

WACC \ Near-term	11.4%	15.4%	19.4%	23.4%	27.4%
7.0%	$986.82	$1172.27	$1384.57	$1626.58	$1901.33
8.0%	$786.35	$933.31	$1101.43	$1292.93	$1510.20
9.0%	$648.45	$769.00	$906.78	$1063.62	$1241.46
10.0%	$548.03	$649.39	$765.15	$896.82	$1046.02
11.0%	$471.83	$558.66	$657.75	$770.37	$897.90

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.94

Book Value / share($)Yahoo: $-12.22

Results

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

Graham Number—

Current Price$226.35

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.96%

Terminal growth rate(%)

Computed WACC: 6.96%

Cost of equity (Re)7.69%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)3.40%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.51%

Debt weight (D/V)14.49%

Results

Current Price$226.35

Implied Near-term FCF Growth-8.5%

Historical Revenue Growth18.8%

Historical Earnings Growth19.4%

Base FCF (TTM)$5.44B

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: $2.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.02

Current Price$226.35

Upside / Downside-81.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.82B

Target EV/EBITDA multipleCurrent: 15.8×

Net Debt($B)Default: $6.25B

Results

Implied Equity Value / share$230.67

Current Price$226.35

Upside / Downside+1.9%

Implied EV$60.53B

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

Mult \ Net Debt	$2.25B	$4.25B	$6.25B	$8.25B	$10.25B
11.8x	$182.68	$174.18	$165.68	$157.18	$148.68
13.8x	$215.17	$206.67	$198.17	$189.67	$181.18
15.8x	$247.67	$239.17	$230.67	$222.17	$213.67
17.8x	$280.16	$271.66	$263.16	$254.66	$246.16
19.8x	$312.65	$304.15	$295.65	$287.15	$278.65

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