CBRE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($147.66)
DCF	$-35.79	-124.2%
Graham Number	$51.40	-65.2%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$147.89	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$84.25M

Near-term growth (yrs 1–5)(%)Rev: 11.8% / EPS: -12.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.35%

Computed WACC: 9.35%

Cost of equity (Re)11.53%(Rf 4.30% + β 1.31 × 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)81.12%

Debt weight (D/V)18.88%

Results

Intrinsic Value / share$-35.37

Current Price$147.66

Upside / Downside-124.0%

Net Debt (used)$8.36B

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

WACC \ Near-term	3.8%	7.8%	11.8%	15.8%	19.8%
7.0%	$-36.13	$-37.64	$-39.38	$-41.38	$-43.66
8.0%	$-34.66	$-35.86	$-37.25	$-38.84	$-40.66
9.0%	$-33.65	$-34.64	$-35.79	$-37.10	$-38.60
10.0%	$-32.91	$-33.75	$-34.71	$-35.82	$-37.09
11.0%	$-32.34	$-33.07	$-33.90	$-34.85	$-35.94

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.85

Book Value / share($)Yahoo: $30.49

Results

Graham Number$51.40

Current Price$147.66

Margin of Safety-65.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.35%

Terminal growth rate(%)

Computed WACC: 9.35%

Cost of equity (Re)11.53%(Rf 4.30% + β 1.31 × 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)81.12%

Debt weight (D/V)18.88%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$147.66

Implied Near-term FCF Growth—

Historical Revenue Growth11.8%

Historical Earnings Growth-12.1%

Base FCF (TTM)-$84.25M

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$147.66

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.22B

Target EV/EBITDA multipleCurrent: 23.4×

Net Debt($B)Default: $8.36B

Results

Implied Equity Value / share$147.89

Current Price$147.66

Upside / Downside+0.2%

Implied EV$52.01B

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

Mult \ Net Debt	$4.36B	$6.36B	$8.36B	$10.36B	$12.36B
19.4x	$131.33	$124.56	$117.78	$111.00	$104.23
21.4x	$146.39	$139.61	$132.84	$126.06	$119.28
23.4x	$161.44	$154.67	$147.89	$141.12	$134.34
25.4x	$176.50	$169.73	$162.95	$156.17	$149.40
27.4x	$191.56	$184.78	$178.01	$171.23	$164.45

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