CARG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($33.53)
DCF	$109.94	+227.9%
Graham Number	$13.19	-60.7%
Reverse DCF	—	implied g: -0.9%
DDM	—	—
EV/EBITDA	$39.42	+17.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $219.40M

Near-term growth (yrs 1–5)(%)Rev: 5.5% / EPS: 19.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.40%

Computed WACC: 11.40%

Cost of equity (Re)12.08%(Rf 4.30% + β 1.41 × 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)94.37%

Debt weight (D/V)5.63%

Results

Intrinsic Value / share$76.46

Current Price$33.53

Upside / Downside+128.0%

Net Debt (used)$314,992

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

WACC \ Near-term	11.5%	15.5%	19.5%	23.5%	27.5%
7.0%	$119.64	$141.52	$166.57	$195.12	$227.53
8.0%	$95.95	$113.29	$133.12	$155.71	$181.33
9.0%	$79.66	$93.88	$110.13	$128.62	$149.60
10.0%	$67.79	$79.75	$93.40	$108.92	$126.52
11.0%	$58.79	$69.03	$80.71	$93.99	$109.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.96

Book Value / share($)Yahoo: $3.94

Results

Graham Number$13.19

Current Price$33.53

Margin of Safety-60.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.40%

Terminal growth rate(%)

Computed WACC: 11.40%

Cost of equity (Re)12.08%(Rf 4.30% + β 1.41 × 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)94.37%

Debt weight (D/V)5.63%

Results

Current Price$33.53

Implied Near-term FCF Growth4.4%

Historical Revenue Growth5.5%

Historical Earnings Growth19.5%

Base FCF (TTM)$219.40M

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$33.53

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $259.49M

Target EV/EBITDA multipleCurrent: 12.3×

Net Debt($B)Default: $314,992

Results

Implied Equity Value / share$39.42

Current Price$33.53

Upside / Downside+17.6%

Implied EV$3.19B

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

Mult \ Net Debt	-$2.00B	-$999.69M	$314,992	$1.00B	$2.00B
8.3x	$51.30	$38.95	$26.60	$14.25	$1.90
10.3x	$57.71	$45.36	$33.01	$20.66	$8.31
12.3x	$64.12	$51.77	$39.42	$27.07	$14.72
14.3x	$70.53	$58.18	$45.83	$33.48	$21.13
16.3x	$76.93	$64.58	$52.24	$39.89	$27.54

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