CALM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($87.11)
DCF	$320.45	+267.9%
Graham Number	$173.43	+99.1%
Reverse DCF	—	implied g: -20.0%
DDM	$162.74	+86.8%
EV/EBITDA	$87.25	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $804.93M

Near-term growth (yrs 1–5)(%)Rev: -19.4% / EPS: -52.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.67%

Computed WACC: 5.67%

Cost of equity (Re)5.67%(Rf 4.30% + β 0.25 × 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)100.00%

Debt weight (D/V)0.00%

Results

Intrinsic Value / share$635.83

Current Price$87.11

Upside / Downside+629.9%

Net Debt (used)-$1.14B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$322.99	$383.48	$453.84	$535.28	$629.08
8.0%	$269.77	$318.46	$375.01	$440.37	$515.56
9.0%	$232.90	$273.43	$320.45	$374.72	$437.08
10.0%	$205.82	$240.40	$280.45	$326.62	$379.61
11.0%	$185.09	$215.14	$249.88	$289.89	$335.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $23.67

Book Value / share($)Yahoo: $56.48

Results

Graham Number$173.43

Current Price$87.11

Margin of Safety+99.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.67%

Terminal growth rate(%)

Computed WACC: 5.67%

Cost of equity (Re)5.67%(Rf 4.30% + β 0.25 × 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)100.00%

Debt weight (D/V)0.00%

Results

Current Price$87.11

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-19.4%

Historical Earnings Growth-52.3%

Base FCF (TTM)$804.93M

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: $7.90

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$162.74

Current Price$87.11

Upside / Downside+86.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.56B

Target EV/EBITDA multipleCurrent: 1.9×

Net Debt($B)Default: -$1.14B

Results

Implied Equity Value / share$87.25

Current Price$87.11

Upside / Downside+0.2%

Implied EV$3.02B

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

Mult \ Net Debt	-$1.14B	-$1.14B	-$1.14B	-$1.14B	-$1.14B
-2.1x	$-44.04	$-44.04	$-44.04	$-44.04	$-44.04
-0.1x	$21.60	$21.60	$21.60	$21.60	$21.60
1.9x	$87.25	$87.25	$87.25	$87.25	$87.25
3.9x	$152.89	$152.89	$152.89	$152.89	$152.89
5.9x	$218.54	$218.54	$218.54	$218.54	$218.54

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