CEG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($329.88)
DCF	$80.50	-75.6%
Graham Number	$87.91	-73.4%
Reverse DCF	—	implied g: 35.8%
DDM	$35.23	-89.3%
EV/EBITDA	$330.81	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.26B

Near-term growth (yrs 1–5)(%)Rev: 12.9% / EPS: -48.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.77%

Computed WACC: 9.77%

Cost of equity (Re)10.55%(Rf 4.30% + β 1.14 × 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)92.63%

Debt weight (D/V)7.37%

Results

Intrinsic Value / share$69.50

Current Price$329.88

Upside / Downside-78.9%

Net Debt (used)$5.86B

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

WACC \ Near-term	4.9%	8.9%	12.9%	16.9%	20.9%
7.0%	$85.75	$105.30	$127.83	$153.69	$183.23
8.0%	$66.37	$81.96	$99.91	$120.49	$143.97
9.0%	$53.01	$65.87	$80.66	$97.61	$116.94
10.0%	$43.24	$54.12	$66.62	$80.92	$97.22
11.0%	$35.81	$45.18	$55.94	$68.24	$82.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.39

Book Value / share($)Yahoo: $46.48

Results

Graham Number$87.91

Current Price$329.88

Margin of Safety-73.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.77%

Terminal growth rate(%)

Computed WACC: 9.77%

Cost of equity (Re)10.55%(Rf 4.30% + β 1.14 × 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)92.63%

Debt weight (D/V)7.37%

Results

Current Price$329.88

Implied Near-term FCF Growth38.5%

Historical Revenue Growth12.9%

Historical Earnings Growth-48.9%

Base FCF (TTM)$1.26B

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: $1.71

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$35.23

Current Price$329.88

Upside / Downside-89.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.63B

Target EV/EBITDA multipleCurrent: 22.3×

Net Debt($B)Default: $5.86B

Results

Implied Equity Value / share$330.81

Current Price$329.88

Upside / Downside+0.3%

Implied EV$125.60B

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

Mult \ Net Debt	$3.86B	$4.86B	$5.86B	$6.86B	$7.86B
18.3x	$274.10	$271.34	$268.57	$265.81	$263.05
20.3x	$305.21	$302.45	$299.69	$296.93	$294.16
22.3x	$336.33	$333.57	$330.81	$328.04	$325.28
24.3x	$367.45	$364.69	$361.92	$359.16	$356.40
26.3x	$398.57	$395.80	$393.04	$390.28	$387.52

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