CCOI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.76)
DCF	$-81.85	-536.3%
Graham Number	—	—
Reverse DCF	—	—
DDM	$42.64	+127.3%
EV/EBITDA	$17.88	-4.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$90.03M

Near-term growth (yrs 1–5)(%)Rev: -4.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.24%

Computed WACC: 2.24%

Cost of equity (Re)8.58%(Rf 4.30% + β 0.78 × 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)26.05%

Debt weight (D/V)73.95%

Results

Intrinsic Value / share—

Current Price$18.76

Upside / Downside—

Net Debt (used)$2.52B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-82.12	$-88.56	$-96.05	$-104.72	$-114.71
8.0%	$-76.46	$-81.64	$-87.66	$-94.62	$-102.62
9.0%	$-72.53	$-76.85	$-81.85	$-87.63	$-94.27
10.0%	$-69.65	$-73.33	$-77.59	$-82.51	$-88.15
11.0%	$-67.44	$-70.64	$-74.34	$-78.60	$-83.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-3.80

Book Value / share($)Yahoo: $-1.34

Results

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

Graham Number—

Current Price$18.76

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.24%

Terminal growth rate(%)

Computed WACC: 2.24%

Cost of equity (Re)8.58%(Rf 4.30% + β 0.78 × 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)26.05%

Debt weight (D/V)73.95%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$18.76

Implied Near-term FCF Growth—

Historical Revenue Growth-4.6%

Historical Earnings Growth—

Base FCF (TTM)-$90.03M

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: $2.07

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.64

Current Price$18.76

Upside / Downside+127.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $166.37M

Target EV/EBITDA multipleCurrent: 20.5×

Net Debt($B)Default: $2.52B

Results

Implied Equity Value / share$17.88

Current Price$18.76

Upside / Downside-4.7%

Implied EV$3.41B

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

Mult \ Net Debt	$517.17M	$1.52B	$2.52B	$3.52B	$4.52B
16.5x	$44.54	$24.56	$4.59	$-15.39	$-35.36
18.5x	$51.18	$31.21	$11.23	$-8.74	$-28.72
20.5x	$57.83	$37.85	$17.88	$-2.10	$-22.07
22.5x	$64.48	$44.50	$24.52	$4.55	$-15.43
24.5x	$71.12	$51.15	$31.17	$11.20	$-8.78

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