CCL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($29.14)
DCF	$103.36	+254.7%
Graham Number	$20.63	-29.2%
Reverse DCF	—	implied g: 19.3%
DDM	$3.09	-89.4%
EV/EBITDA	$32.57	+11.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.55B

Near-term growth (yrs 1–5)(%)Rev: 6.6% / EPS: 35.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.46%

Computed WACC: 10.46%

Cost of equity (Re)17.73%(Rf 4.30% + β 2.44 × 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)59.00%

Debt weight (D/V)41.00%

Results

Intrinsic Value / share$75.31

Current Price$29.14

Upside / Downside+158.4%

Net Debt (used)$26.06B

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

WACC \ Near-term	27.8%	31.8%	35.8%	39.8%	43.8%
7.0%	$123.15	$146.55	$172.94	$202.57	$235.76
8.0%	$92.64	$110.97	$131.63	$154.82	$180.79
9.0%	$71.76	$86.62	$103.36	$122.16	$143.19
10.0%	$56.64	$69.00	$82.91	$98.52	$115.99
11.0%	$45.23	$55.71	$67.49	$80.71	$95.49

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.02

Book Value / share($)Yahoo: $9.36

Results

Graham Number$20.63

Current Price$29.14

Margin of Safety-29.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.46%

Terminal growth rate(%)

Computed WACC: 10.46%

Cost of equity (Re)17.73%(Rf 4.30% + β 2.44 × 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)59.00%

Debt weight (D/V)41.00%

Results

Current Price$29.14

Implied Near-term FCF Growth23.6%

Historical Revenue Growth6.6%

Historical Earnings Growth35.8%

Base FCF (TTM)$1.55B

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: $0.15

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$3.09

Current Price$29.14

Upside / Downside-89.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $7.15B

Target EV/EBITDA multipleCurrent: 9.3×

Net Debt($B)Default: $26.06B

Results

Implied Equity Value / share$32.57

Current Price$29.14

Upside / Downside+11.8%

Implied EV$66.34B

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

Mult \ Net Debt	$12.06B	$19.06B	$26.06B	$33.06B	$40.06B
5.3x	$20.77	$15.11	$9.45	$3.79	$-1.87
7.3x	$32.33	$26.67	$21.01	$15.35	$9.69
9.3x	$43.89	$38.23	$32.57	$26.91	$21.25
11.3x	$55.45	$49.79	$44.13	$38.47	$32.81
13.3x	$67.01	$61.35	$55.69	$50.03	$44.37

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