CHDN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($93.78)
DCF	$-48.79	-152.0%
Graham Number	$42.37	-54.8%
Reverse DCF	—	implied g: 42.4%
DDM	$9.06	-90.3%
EV/EBITDA	$94.40	+0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $82.19M

Near-term growth (yrs 1–5)(%)Rev: 6.7% / EPS: -25.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.37%

Computed WACC: 4.37%

Cost of equity (Re)7.82%(Rf 4.30% + β 0.64 × 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)55.86%

Debt weight (D/V)44.14%

Results

Intrinsic Value / share$9.90

Current Price$93.78

Upside / Downside-89.4%

Net Debt (used)$5.00B

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

WACC \ Near-term	-1.3%	2.7%	6.7%	10.7%	14.7%
7.0%	$-48.33	$-43.67	$-38.25	$-31.99	$-24.80
8.0%	$-52.55	$-48.81	$-44.46	$-39.45	$-33.69
9.0%	$-55.47	$-52.36	$-48.76	$-44.60	$-39.84
10.0%	$-57.61	$-54.96	$-51.90	$-48.37	$-44.33
11.0%	$-59.25	$-56.95	$-54.30	$-51.25	$-47.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.50

Book Value / share($)Yahoo: $14.51

Results

Graham Number$42.37

Current Price$93.78

Margin of Safety-54.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.37%

Terminal growth rate(%)

Computed WACC: 4.37%

Cost of equity (Re)7.82%(Rf 4.30% + β 0.64 × 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)55.86%

Debt weight (D/V)44.14%

Results

Current Price$93.78

Implied Near-term FCF Growth17.6%

Historical Revenue Growth6.7%

Historical Earnings Growth-25.2%

Base FCF (TTM)$82.19M

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: $0.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.06

Current Price$93.78

Upside / Downside-90.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $956.70M

Target EV/EBITDA multipleCurrent: 12.1×

Net Debt($B)Default: $5.00B

Results

Implied Equity Value / share$94.40

Current Price$93.78

Upside / Downside+0.7%

Implied EV$11.58B

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

Mult \ Net Debt	$3.00B	$4.00B	$5.00B	$6.00B	$7.00B
8.1x	$68.20	$53.86	$39.52	$25.18	$10.84
10.1x	$95.64	$81.30	$66.96	$52.62	$38.28
12.1x	$123.08	$108.74	$94.40	$80.06	$65.72
14.1x	$150.53	$136.18	$121.84	$107.50	$93.16
16.1x	$177.97	$163.62	$149.28	$134.94	$120.60

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