CBZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.80)
DCF	$112.43	+290.4%
Graham Number	$30.08	+4.4%
Reverse DCF	—	implied g: 3.2%
DDM	—	—
EV/EBITDA	$26.02	-9.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $214.00M

Near-term growth (yrs 1–5)(%)Rev: 17.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.69%

Computed WACC: 7.69%

Cost of equity (Re)9.41%(Rf 4.30% + β 0.93 × ERP 5.50%)

Cost of debt (Rd)7.87%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)46.10%

Debt weight (D/V)53.90%

Results

Intrinsic Value / share$153.90

Current Price$28.80

Upside / Downside+434.4%

Net Debt (used)$1.81B

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

WACC \ Near-term	9.9%	13.9%	17.9%	21.9%	25.9%
7.0%	$123.55	$152.57	$185.84	$223.83	$267.01
8.0%	$92.78	$115.81	$142.20	$172.29	$206.49
9.0%	$71.61	$90.52	$112.18	$136.86	$164.88
10.0%	$56.18	$72.10	$90.32	$111.07	$134.60
11.0%	$44.46	$58.12	$73.73	$91.50	$111.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.22

Book Value / share($)Yahoo: $32.95

Results

Graham Number$30.08

Current Price$28.80

Margin of Safety+4.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.69%

Terminal growth rate(%)

Computed WACC: 7.69%

Cost of equity (Re)9.41%(Rf 4.30% + β 0.93 × ERP 5.50%)

Cost of debt (Rd)7.87%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)46.10%

Debt weight (D/V)53.90%

Results

Current Price$28.80

Implied Near-term FCF Growth-0.4%

Historical Revenue Growth17.9%

Historical Earnings Growth—

Base FCF (TTM)$214.00M

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$28.80

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $421.38M

Target EV/EBITDA multipleCurrent: 7.7×

Net Debt($B)Default: $1.81B

Results

Implied Equity Value / share$26.02

Current Price$28.80

Upside / Downside-9.6%

Implied EV$3.23B

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

Mult \ Net Debt	$1.81B	$1.81B	$1.81B	$1.81B	$1.81B
3.7x	$-4.96	$-4.96	$-4.96	$-4.96	$-4.96
5.7x	$10.53	$10.53	$10.53	$10.53	$10.53
7.7x	$26.02	$26.02	$26.02	$26.02	$26.02
9.7x	$41.52	$41.52	$41.52	$41.52	$41.52
11.7x	$57.01	$57.01	$57.01	$57.01	$57.01

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