CC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.53)
DCF	$-22.30	-227.2%
Graham Number	—	—
Reverse DCF	—	implied g: 57.3%
DDM	$7.21	-58.9%
EV/EBITDA	$17.54	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $21.50M

Near-term growth (yrs 1–5)(%)Rev: -2.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.09%

Computed WACC: 8.09%

Cost of equity (Re)12.89%(Rf 4.30% + β 1.56 × ERP 5.50%)

Cost of debt (Rd)6.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)37.45%

Debt weight (D/V)62.55%

Results

Intrinsic Value / share$-21.88

Current Price$17.53

Upside / Downside-224.8%

Net Debt (used)$3.72B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-22.28	$-21.76	$-21.17	$-20.48	$-19.68
8.0%	$-22.73	$-22.31	$-21.83	$-21.28	$-20.64
9.0%	$-23.04	$-22.70	$-22.30	$-21.84	$-21.31
10.0%	$-23.27	$-22.98	$-22.64	$-22.25	$-21.80
11.0%	$-23.45	$-23.19	$-22.90	$-22.56	$-22.17

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.57

Book Value / share($)Yahoo: $1.67

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$17.53

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.09%

Terminal growth rate(%)

Computed WACC: 8.09%

Cost of equity (Re)12.89%(Rf 4.30% + β 1.56 × ERP 5.50%)

Cost of debt (Rd)6.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)37.45%

Debt weight (D/V)62.55%

Results

Current Price$17.53

Implied Near-term FCF Growth53.3%

Historical Revenue Growth-2.1%

Historical Earnings Growth—

Base FCF (TTM)$21.50M

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: $0.35

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.21

Current Price$17.53

Upside / Downside-58.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $637.00M

Target EV/EBITDA multipleCurrent: 10.0×

Net Debt($B)Default: $3.72B

Results

Implied Equity Value / share$17.54

Current Price$17.53

Upside / Downside+0.0%

Implied EV$6.36B

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

Mult \ Net Debt	$1.72B	$2.72B	$3.72B	$4.72B	$5.72B
6.0x	$13.89	$7.22	$0.56	$-6.10	$-12.77
8.0x	$22.37	$15.71	$9.05	$2.39	$-4.28
10.0x	$30.86	$24.20	$17.54	$10.87	$4.21
12.0x	$39.35	$32.69	$26.03	$19.36	$12.70
14.0x	$47.84	$41.18	$34.51	$27.85	$21.19

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