CDXS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.98)
DCF	$-7.48	-860.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$37.90M

Near-term growth (yrs 1–5)(%)Rev: -33.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.19%

Computed WACC: 10.19%

Cost of equity (Re)18.06%(Rf 4.30% + β 2.50 × 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)56.40%

Debt weight (D/V)43.60%

Results

Intrinsic Value / share$-6.32

Current Price$0.98

Upside / Downside-743.3%

Net Debt (used)$9.92M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-7.54	$-9.04	$-10.79	$-12.81	$-15.14
8.0%	$-6.22	$-7.43	$-8.83	$-10.45	$-12.32
9.0%	$-5.30	$-6.31	$-7.48	$-8.82	$-10.37
10.0%	$-4.63	$-5.49	$-6.48	$-7.63	$-8.95
11.0%	$-4.11	$-4.86	$-5.72	$-6.72	$-7.86

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.73

Book Value / share($)Yahoo: $0.43

Results

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

Graham Number—

Current Price$0.98

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.19%

Terminal growth rate(%)

Computed WACC: 10.19%

Cost of equity (Re)18.06%(Rf 4.30% + β 2.50 × 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)56.40%

Debt weight (D/V)43.60%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$0.98

Implied Near-term FCF Growth—

Historical Revenue Growth-33.0%

Historical Earnings Growth—

Base FCF (TTM)-$37.90M

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$0.98

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$54.54M

Target EV/EBITDA multipleCurrent: -1.9×

Net Debt($B)Default: $9.92M

Results

Implied Equity Value / share$1.02

Current Price$0.98

Upside / Downside+3.8%

Implied EV$102.04M

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