CASY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($687.01)
DCF	$346.04	-49.6%
Graham Number	$193.87	-71.8%
Reverse DCF	—	implied g: 24.9%
DDM	$45.53	-93.4%
EV/EBITDA	$686.99	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $508.68M

Near-term growth (yrs 1–5)(%)Rev: 14.2% / EPS: 14.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.53%

Computed WACC: 7.53%

Cost of equity (Re)8.01%(Rf 4.30% + β 0.68 × ERP 5.50%)

Cost of debt (Rd)4.26%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.72%

Debt weight (D/V)10.28%

Results

Intrinsic Value / share$478.99

Current Price$687.01

Upside / Downside-30.3%

Net Debt (used)$2.43B

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

WACC \ Near-term	6.2%	10.2%	14.2%	18.2%	22.2%
7.0%	$370.42	$453.23	$548.55	$657.79	$782.42
8.0%	$286.85	$352.80	$428.64	$515.47	$614.46
9.0%	$229.25	$283.60	$346.04	$417.47	$498.83
10.0%	$187.19	$233.11	$285.80	$346.02	$414.56
11.0%	$155.19	$194.70	$240.00	$291.73	$350.55

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $16.28

Book Value / share($)Yahoo: $102.61

Results

Graham Number$193.87

Current Price$687.01

Margin of Safety-71.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.53%

Terminal growth rate(%)

Computed WACC: 7.53%

Cost of equity (Re)8.01%(Rf 4.30% + β 0.68 × ERP 5.50%)

Cost of debt (Rd)4.26%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.72%

Debt weight (D/V)10.28%

Results

Current Price$687.01

Implied Near-term FCF Growth19.7%

Historical Revenue Growth14.2%

Historical Earnings Growth14.0%

Base FCF (TTM)$508.68M

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: $2.21

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$45.53

Current Price$687.01

Upside / Downside-93.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.32B

Target EV/EBITDA multipleCurrent: 21.1×

Net Debt($B)Default: $2.43B

Results

Implied Equity Value / share$686.99

Current Price$687.01

Upside / Downside-0.0%

Implied EV$27.89B

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

Mult \ Net Debt	$425.61M	$1.43B	$2.43B	$3.43B	$4.43B
17.1x	$598.19	$571.22	$544.24	$517.26	$490.28
19.1x	$669.57	$642.59	$615.62	$588.64	$561.66
21.1x	$740.95	$713.97	$686.99	$660.02	$633.04
23.1x	$812.33	$785.35	$758.37	$731.39	$704.42
25.1x	$883.71	$856.73	$829.75	$802.77	$775.79

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