CINF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($169.98)
DCF	$18776.95	+10946.6%
Graham Number	$186.88	+9.9%
Reverse DCF	—	implied g: -19.5%
DDM	$73.13	-57.0%
EV/EBITDA	$169.98	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $6.14B

Near-term growth (yrs 1–5)(%)Rev: 21.8% / EPS: 67.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.72%

Computed WACC: 7.72%

Cost of equity (Re)7.80%(Rf 4.30% + β 0.64 × ERP 5.50%)

Cost of debt (Rd)6.71%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.77%

Debt weight (D/V)3.23%

Results

Intrinsic Value / share$25093.11

Current Price$169.98

Upside / Downside+14662.4%

Net Debt (used)-$693.00M

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

WACC \ Near-term	59.3%	63.3%	67.3%	71.3%	75.3%
7.0%	$23748.31	$26856.96	$30284.00	$34053.35	$38190.05
8.0%	$18402.48	$20805.97	$23455.34	$26369.00	$29566.30
9.0%	$14764.46	$16688.24	$18808.56	$21140.13	$23698.40
10.0%	$12146.53	$13725.26	$15465.03	$17377.91	$19476.54
11.0%	$10184.99	$11505.29	$12960.07	$14559.40	$16313.82

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $15.16

Book Value / share($)Yahoo: $102.39

Results

Graham Number$186.88

Current Price$169.98

Margin of Safety+9.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.72%

Terminal growth rate(%)

Computed WACC: 7.72%

Cost of equity (Re)7.80%(Rf 4.30% + β 0.64 × ERP 5.50%)

Cost of debt (Rd)6.71%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.77%

Debt weight (D/V)3.23%

Results

Current Price$169.98

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth21.8%

Historical Earnings Growth67.3%

Base FCF (TTM)$6.14B

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: $3.55

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$73.13

Current Price$169.98

Upside / Downside-57.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.20B

Target EV/EBITDA multipleCurrent: 8.0×

Net Debt($B)Default: -$693.00M

Results

Implied Equity Value / share$169.98

Current Price$169.98

Upside / Downside-0.0%

Implied EV$25.76B

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

Mult \ Net Debt	-$2.69B	-$1.69B	-$693.00M	$307.00M	$1.31B
4.0x	$100.55	$94.12	$87.70	$81.27	$74.85
6.0x	$141.69	$135.26	$128.84	$122.41	$115.99
8.0x	$182.83	$176.40	$169.98	$163.55	$157.13
10.0x	$223.97	$217.54	$211.12	$204.69	$198.26
12.0x	$265.11	$258.68	$252.26	$245.83	$239.40

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