CECO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($57.81)
DCF	$77.47	+34.0%
Graham Number	$16.93	-70.7%
Reverse DCF	—	implied g: 30.4%
DDM	—	—
EV/EBITDA	$57.97	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $30.47M

Near-term growth (yrs 1–5)(%)Rev: 35.4% / EPS: -42.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.67%

Computed WACC: 11.67%

Cost of equity (Re)12.13%(Rf 4.30% + β 1.42 × ERP 5.50%)

Cost of debt (Rd)9.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.75%

Debt weight (D/V)10.25%

Results

Intrinsic Value / share$47.96

Current Price$57.81

Upside / Downside-17.0%

Net Debt (used)$202.26M

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

WACC \ Near-term	27.4%	31.4%	35.4%	39.4%	43.4%
7.0%	$90.56	$106.22	$123.87	$143.72	$165.95
8.0%	$70.22	$82.49	$96.32	$111.86	$129.25
9.0%	$56.30	$66.26	$77.47	$90.06	$104.15
10.0%	$46.23	$54.50	$63.82	$74.28	$85.99
11.0%	$38.63	$45.64	$53.53	$62.39	$72.30

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.43

Book Value / share($)Yahoo: $8.91

Results

Graham Number$16.93

Current Price$57.81

Margin of Safety-70.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.67%

Terminal growth rate(%)

Computed WACC: 11.67%

Cost of equity (Re)12.13%(Rf 4.30% + β 1.42 × ERP 5.50%)

Cost of debt (Rd)9.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.75%

Debt weight (D/V)10.25%

Results

Current Price$57.81

Implied Near-term FCF Growth38.7%

Historical Revenue Growth35.4%

Historical Earnings Growth-42.6%

Base FCF (TTM)$30.47M

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$57.81

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $76.59M

Target EV/EBITDA multipleCurrent: 29.6×

Net Debt($B)Default: $202.26M

Results

Implied Equity Value / share$57.97

Current Price$57.81

Upside / Downside+0.3%

Implied EV$2.27B

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

Mult \ Net Debt	-$1.80B	-$797.74M	$202.26M	$1.20B	$2.20B
25.6x	$105.49	$77.44	$49.38	$21.32	$-6.74
27.6x	$109.79	$81.73	$53.68	$25.62	$-2.44
29.6x	$114.09	$86.03	$57.97	$29.92	$1.86
31.6x	$118.39	$90.33	$62.27	$34.21	$6.16
33.6x	$122.69	$94.63	$66.57	$38.51	$10.46

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