CASS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($44.95)
DCF	$30.48	-32.2%
Graham Number	$31.32	-30.3%
Reverse DCF	—	—
DDM	$26.37	-41.3%
EV/EBITDA	$44.95	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -3.1% / EPS: 88.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.80%

Computed WACC: 6.80%

Cost of equity (Re)6.80%(Rf 4.30% + β 0.45 × 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$30.48

Current Price$44.95

Upside / Downside-32.2%

Net Debt (used)-$392.27M

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

WACC \ Near-term	80.0%	84.0%	88.0%	92.0%	96.0%
7.0%	$30.48	$30.48	$30.48	$30.48	$30.48
8.0%	$30.48	$30.48	$30.48	$30.48	$30.48
9.0%	$30.48	$30.48	$30.48	$30.48	$30.48
10.0%	$30.48	$30.48	$30.48	$30.48	$30.48
11.0%	$30.48	$30.48	$30.48	$30.48	$30.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.31

Book Value / share($)Yahoo: $18.88

Results

Graham Number$31.32

Current Price$44.95

Margin of Safety-30.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.80%

Terminal growth rate(%)

Computed WACC: 6.80%

Cost of equity (Re)6.80%(Rf 4.30% + β 0.45 × 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

Reverse DCF requires positive TTM free cash flow.

Current Price$44.95

Implied Near-term FCF Growth—

Historical Revenue Growth-3.1%

Historical Earnings Growth88.0%

Base FCF (TTM)—

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$44.95

Upside / Downside-41.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $63.35M

Target EV/EBITDA multipleCurrent: 2.9×

Net Debt($B)Default: -$392.27M

Results

Implied Equity Value / share$44.95

Current Price$44.95

Upside / Downside-0.0%

Implied EV$186.26M

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

Mult \ Net Debt	-$2.39B	-$1.39B	-$392.27M	$607.73M	$1.61B
-1.1x	$180.65	$102.95	$25.26	$-52.43	$-130.13
0.9x	$190.49	$112.80	$35.10	$-42.59	$-120.28
2.9x	$200.34	$122.64	$44.95	$-32.75	$-110.44
4.9x	$210.18	$132.49	$54.79	$-22.90	$-100.60
6.9x	$220.02	$142.33	$64.64	$-13.06	$-90.75

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