CDNS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($303.36)
DCF	$171.73	-43.4%
Graham Number	$42.95	-85.8%
Reverse DCF	—	implied g: 24.7%
DDM	—	—
EV/EBITDA	$303.36	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.51B

Near-term growth (yrs 1–5)(%)Rev: 6.2% / EPS: 14.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.73%

Computed WACC: 9.73%

Cost of equity (Re)9.94%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)4.37%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.88%

Debt weight (D/V)3.12%

Results

Intrinsic Value / share$152.82

Current Price$303.36

Upside / Downside-49.6%

Net Debt (used)-$489.20M

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

WACC \ Near-term	6.6%	10.6%	14.6%	18.6%	22.6%
7.0%	$182.15	$216.32	$255.64	$300.67	$352.03
8.0%	$147.48	$174.68	$205.95	$241.73	$282.51
9.0%	$123.58	$145.99	$171.73	$201.15	$234.66
10.0%	$106.14	$125.07	$146.77	$171.57	$199.79
11.0%	$92.88	$109.15	$127.81	$149.10	$173.31

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.07

Book Value / share($)Yahoo: $20.14

Results

Graham Number$42.95

Current Price$303.36

Margin of Safety-85.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.73%

Terminal growth rate(%)

Computed WACC: 9.73%

Cost of equity (Re)9.94%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)4.37%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.88%

Debt weight (D/V)3.12%

Results

Current Price$303.36

Implied Near-term FCF Growth27.1%

Historical Revenue Growth6.2%

Historical Earnings Growth14.6%

Base FCF (TTM)$1.51B

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$303.36

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.91B

Target EV/EBITDA multipleCurrent: 43.1×

Net Debt($B)Default: -$489.20M

Results

Implied Equity Value / share$303.36

Current Price$303.36

Upside / Downside+0.0%

Implied EV$82.22B

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

Mult \ Net Debt	-$2.49B	-$1.49B	-$489.20M	$510.80M	$1.51B
39.1x	$282.70	$279.03	$275.37	$271.70	$268.03
41.1x	$296.70	$293.03	$289.36	$285.70	$282.03
43.1x	$310.70	$307.03	$303.36	$299.69	$296.03
45.1x	$324.69	$321.02	$317.36	$313.69	$310.02
47.1x	$338.69	$335.02	$331.35	$327.69	$324.02

← Overview Financial Statements ← Companies