CDP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($32.10)
DCF	$22.92	-28.6%
Graham Number	$20.12	-37.3%
Reverse DCF	—	implied g: 10.8%
DDM	$25.54	-20.4%
EV/EBITDA	$32.62	+1.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $251.04M

Near-term growth (yrs 1–5)(%)Rev: 7.6% / EPS: 6.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.21%

Computed WACC: 5.21%

Cost of equity (Re)9.16%(Rf 4.30% + β 0.88 × 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)56.88%

Debt weight (D/V)43.12%

Results

Intrinsic Value / share$89.08

Current Price$32.10

Upside / Downside+177.5%

Net Debt (used)$2.54B

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

WACC \ Near-term	-0.4%	3.6%	7.6%	11.6%	15.6%
7.0%	$23.98	$33.20	$43.90	$56.25	$70.43
8.0%	$15.52	$22.92	$31.49	$41.37	$52.71
9.0%	$9.67	$15.81	$22.92	$31.10	$40.47
10.0%	$5.38	$10.61	$16.64	$23.58	$31.53
11.0%	$2.11	$6.63	$11.85	$17.85	$24.71

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.34

Book Value / share($)Yahoo: $13.43

Results

Graham Number$20.12

Current Price$32.10

Margin of Safety-37.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.21%

Terminal growth rate(%)

Computed WACC: 5.21%

Cost of equity (Re)9.16%(Rf 4.30% + β 0.88 × 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)56.88%

Debt weight (D/V)43.12%

Results

Current Price$32.10

Implied Near-term FCF Growth-3.1%

Historical Revenue Growth7.6%

Historical Earnings Growth6.9%

Base FCF (TTM)$251.04M

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: $1.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.54

Current Price$32.10

Upside / Downside-20.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $396.87M

Target EV/EBITDA multipleCurrent: 15.7×

Net Debt($B)Default: $2.54B

Results

Implied Equity Value / share$32.62

Current Price$32.10

Upside / Downside+1.6%

Implied EV$6.23B

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

Mult \ Net Debt	$538.12M	$1.54B	$2.54B	$3.54B	$4.54B
11.7x	$36.26	$27.43	$18.60	$9.76	$0.93
13.7x	$43.27	$34.44	$25.61	$16.77	$7.94
15.7x	$50.29	$41.45	$32.62	$23.79	$14.95
17.7x	$57.30	$48.46	$39.63	$30.80	$21.96
19.7x	$64.31	$55.48	$46.64	$37.81	$28.98

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