CAR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($93.56)
DCF	$-1322.73	-1513.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$98.36	+5.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.05B

Near-term growth (yrs 1–5)(%)Rev: -1.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.96%

Computed WACC: 6.96%

Cost of equity (Re)16.68%(Rf 4.30% + β 2.25 × ERP 5.50%)

Cost of debt (Rd)7.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)10.33%

Debt weight (D/V)89.67%

Results

Intrinsic Value / share$-1565.77

Current Price$93.56

Upside / Downside-1773.5%

Net Debt (used)$28.08B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-1327.24	$-1434.31	$-1558.88	$-1703.06	$-1869.12
8.0%	$-1233.02	$-1319.20	$-1419.31	$-1535.03	$-1668.14
9.0%	$-1167.73	$-1239.49	$-1322.73	$-1418.80	$-1529.20
10.0%	$-1119.80	$-1181.02	$-1251.92	$-1333.66	$-1427.47
11.0%	$-1083.11	$-1136.29	$-1197.81	$-1268.62	$-1349.81

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-25.25

Book Value / share($)Yahoo: $-89.40

Results

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

Graham Number—

Current Price$93.56

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)16.68%(Rf 4.30% + β 2.25 × ERP 5.50%)

Cost of debt (Rd)7.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)10.33%

Debt weight (D/V)89.67%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$93.56

Implied Near-term FCF Growth—

Historical Revenue Growth-1.7%

Historical Earnings Growth—

Base FCF (TTM)-$1.05B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$93.56

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.14B

Target EV/EBITDA multipleCurrent: 27.8×

Net Debt($B)Default: $28.08B

Results

Implied Equity Value / share$98.36

Current Price$93.56

Upside / Downside+5.1%

Implied EV$31.54B

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

Mult \ Net Debt	$14.08B	$21.08B	$28.08B	$35.08B	$42.08B
23.8x	$367.02	$168.14	$-30.74	$-229.62	$-428.51
25.8x	$431.57	$232.69	$33.81	$-165.07	$-363.95
27.8x	$496.12	$297.24	$98.36	$-100.52	$-299.40
29.8x	$560.67	$361.79	$162.91	$-35.97	$-234.85
31.8x	$625.22	$426.34	$227.46	$28.58	$-170.30

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