CION — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.04)
DCF	$163.19	+1929.7%
Graham Number	$12.80	+59.2%
Reverse DCF	—	implied g: -0.5%
DDM	$35.84	+345.8%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $117.32M

Near-term growth (yrs 1–5)(%)Rev: 32.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.81%

Computed WACC: 2.81%

Cost of equity (Re)10.04%(Rf 4.30% + β 1.04 × 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)27.97%

Debt weight (D/V)72.03%

Results

Intrinsic Value / share$4851.99

Current Price$8.04

Upside / Downside+60248.1%

Net Debt (used)$1.07B

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

WACC \ Near-term	24.0%	28.0%	32.0%	36.0%	40.0%
7.0%	$189.57	$224.66	$264.36	$309.08	$359.32
8.0%	$145.61	$173.16	$204.31	$239.39	$278.78
9.0%	$115.49	$137.89	$163.19	$191.68	$223.65
10.0%	$93.67	$112.33	$133.40	$157.11	$183.72
11.0%	$77.18	$93.03	$110.91	$131.03	$153.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.49

Book Value / share($)Yahoo: $14.86

Results

Graham Number$12.80

Current Price$8.04

Margin of Safety+59.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.81%

Terminal growth rate(%)

Computed WACC: 2.81%

Cost of equity (Re)10.04%(Rf 4.30% + β 1.04 × 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)27.97%

Debt weight (D/V)72.03%

Results

Current Price$8.04

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth32.0%

Historical Earnings Growth—

Base FCF (TTM)$117.32M

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: $1.74

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$35.84

Current Price$8.04

Upside / Downside+345.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $1.07B

Results

Implied Equity Value / share$-20.80

Current Price$8.04

Upside / Downside-358.7%

Implied EV$0

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