CART — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.84)
DCF	$68.75	+81.7%
Graham Number	$19.44	-48.6%
Reverse DCF	—	implied g: 1.6%
DDM	—	—
EV/EBITDA	$35.43	-6.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $647.50M

Near-term growth (yrs 1–5)(%)Rev: 12.3% / EPS: -44.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.79%

Computed WACC: 9.79%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.00 × 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)99.64%

Debt weight (D/V)0.36%

Results

Intrinsic Value / share$61.08

Current Price$37.84

Upside / Downside+61.4%

Net Debt (used)-$651.00M

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

WACC \ Near-term	4.3%	8.3%	12.3%	16.3%	20.3%
7.0%	$72.14	$85.55	$101.03	$118.80	$139.11
8.0%	$58.95	$69.66	$81.99	$96.14	$112.30
9.0%	$49.85	$58.69	$68.87	$80.52	$93.83
10.0%	$43.21	$50.69	$59.28	$69.13	$80.36
11.0%	$38.14	$44.59	$51.99	$60.46	$70.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.62

Book Value / share($)Yahoo: $10.37

Results

Graham Number$19.44

Current Price$37.84

Margin of Safety-48.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.79%

Terminal growth rate(%)

Computed WACC: 9.79%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.00 × 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)99.64%

Debt weight (D/V)0.36%

Results

Current Price$37.84

Implied Near-term FCF Growth3.5%

Historical Revenue Growth12.3%

Historical Earnings Growth-44.1%

Base FCF (TTM)$647.50M

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$37.84

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $531.00M

Target EV/EBITDA multipleCurrent: 16.3×

Net Debt($B)Default: -$651.00M

Results

Implied Equity Value / share$35.43

Current Price$37.84

Upside / Downside-6.4%

Implied EV$8.65B

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

Mult \ Net Debt	-$2.65B	-$1.65B	-$651.00M	$349.00M	$1.35B
12.3x	$34.96	$31.15	$27.34	$23.53	$19.72
14.3x	$39.00	$35.19	$31.38	$27.57	$23.76
16.3x	$43.05	$39.24	$35.43	$31.62	$27.81
18.3x	$47.09	$43.28	$39.47	$35.66	$31.86
20.3x	$51.14	$47.33	$43.52	$39.71	$35.90

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