CDE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.32)
DCF	$125306.11	+515244.9%
Graham Number	$10.50	-56.8%
Reverse DCF	—	implied g: 19.2%
DDM	—	—
EV/EBITDA	$26.94	+10.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $387.31M

Near-term growth (yrs 1–5)(%)Rev: 120.9% / EPS: 246.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.58%

Computed WACC: 10.58%

Cost of equity (Re)10.82%(Rf 4.30% + β 1.19 × 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)97.75%

Debt weight (D/V)2.25%

Results

Intrinsic Value / share$89774.27

Current Price$24.32

Upside / Downside+369113.5%

Net Debt (used)-$194.64M

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

WACC \ Near-term	238.6%	242.6%	246.6%	250.6%	254.6%
7.0%	$187046.42	$198357.22	$210208.72	$222620.07	$235610.87
8.0%	$141948.62	$150532.01	$159525.69	$168944.22	$178802.46
9.0%	$111499.98	$118241.91	$125306.11	$132703.98	$140447.23
10.0%	$89779.59	$95207.93	$100895.75	$106852.22	$113086.76
11.0%	$73658.25	$78111.63	$82777.88	$87664.52	$92779.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.95

Book Value / share($)Yahoo: $5.16

Results

Graham Number$10.50

Current Price$24.32

Margin of Safety-56.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.58%

Terminal growth rate(%)

Computed WACC: 10.58%

Cost of equity (Re)10.82%(Rf 4.30% + β 1.19 × 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)97.75%

Debt weight (D/V)2.25%

Results

Current Price$24.32

Implied Near-term FCF Growth23.8%

Historical Revenue Growth120.9%

Historical Earnings Growth246.6%

Base FCF (TTM)$387.31M

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$24.32

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.01B

Target EV/EBITDA multipleCurrent: 16.9×

Net Debt($B)Default: -$194.64M

Results

Implied Equity Value / share$26.94

Current Price$24.32

Upside / Downside+10.8%

Implied EV$17.10B

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

Mult \ Net Debt	-$2.19B	-$1.19B	-$194.64M	$805.36M	$1.81B
12.9x	$23.76	$22.20	$20.64	$19.09	$17.53
14.9x	$26.91	$25.35	$23.79	$22.23	$20.68
16.9x	$30.05	$28.50	$26.94	$25.38	$23.83
18.9x	$33.20	$31.65	$30.09	$28.53	$26.97
20.9x	$36.35	$34.79	$33.24	$31.68	$30.12

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