CCS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($65.99)
DCF	$74.30	+12.6%
Graham Number	$98.77	+49.7%
Reverse DCF	—	implied g: 3.8%
DDM	$24.51	-62.9%
EV/EBITDA	$67.23	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $199.57M

Near-term growth (yrs 1–5)(%)Rev: -3.1% / EPS: -62.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.22%

Computed WACC: 9.22%

Cost of equity (Re)12.83%(Rf 4.30% + β 1.55 × ERP 5.50%)

Cost of debt (Rd)5.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)57.14%

Debt weight (D/V)42.86%

Results

Intrinsic Value / share$70.30

Current Price$65.99

Upside / Downside+6.5%

Net Debt (used)$1.35B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$75.33	$99.93	$128.55	$161.67	$199.82
8.0%	$53.69	$73.49	$96.49	$123.07	$153.65
9.0%	$38.69	$55.18	$74.30	$96.37	$121.73
10.0%	$27.68	$41.74	$58.03	$76.81	$98.36
11.0%	$19.25	$31.47	$45.60	$61.87	$80.52

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.86

Book Value / share($)Yahoo: $89.22

Results

Graham Number$98.77

Current Price$65.99

Margin of Safety+49.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.22%

Terminal growth rate(%)

Computed WACC: 9.22%

Cost of equity (Re)12.83%(Rf 4.30% + β 1.55 × ERP 5.50%)

Cost of debt (Rd)5.59%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)57.14%

Debt weight (D/V)42.86%

Results

Current Price$65.99

Implied Near-term FCF Growth4.4%

Historical Revenue Growth-3.1%

Historical Earnings Growth-62.3%

Base FCF (TTM)$199.57M

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: $1.19

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.51

Current Price$65.99

Upside / Downside-62.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $235.62M

Target EV/EBITDA multipleCurrent: 14.0×

Net Debt($B)Default: $1.35B

Results

Implied Equity Value / share$67.23

Current Price$65.99

Upside / Downside+1.9%

Implied EV$3.30B

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

Mult \ Net Debt	$1.35B	$1.35B	$1.35B	$1.35B	$1.35B
10.0x	$34.78	$34.78	$34.78	$34.78	$34.78
12.0x	$51.00	$51.00	$51.00	$51.00	$51.00
14.0x	$67.23	$67.23	$67.23	$67.23	$67.23
16.0x	$83.45	$83.45	$83.45	$83.45	$83.45
18.0x	$99.67	$99.67	$99.67	$99.67	$99.67

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