CIVB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.54)
DCF	$-9.91	-142.1%
Graham Number	$39.45	+67.6%
Reverse DCF	—	—
DDM	$14.83	-37.0%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 15.3% / EPS: -1.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.90%

Computed WACC: 4.90%

Cost of equity (Re)7.75%(Rf 4.30% + β 0.63 × 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)63.22%

Debt weight (D/V)36.78%

Results

Intrinsic Value / share$-9.91

Current Price$23.54

Upside / Downside-142.1%

Net Debt (used)$205.69M

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

WACC \ Near-term	7.3%	11.3%	15.3%	19.3%	23.3%
7.0%	$-9.91	$-9.91	$-9.91	$-9.91	$-9.91
8.0%	$-9.91	$-9.91	$-9.91	$-9.91	$-9.91
9.0%	$-9.91	$-9.91	$-9.91	$-9.91	$-9.91
10.0%	$-9.91	$-9.91	$-9.91	$-9.91	$-9.91
11.0%	$-9.91	$-9.91	$-9.91	$-9.91	$-9.91

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.64

Book Value / share($)Yahoo: $26.20

Results

Graham Number$39.45

Current Price$23.54

Margin of Safety+67.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.90%

Terminal growth rate(%)

Computed WACC: 4.90%

Cost of equity (Re)7.75%(Rf 4.30% + β 0.63 × 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)63.22%

Debt weight (D/V)36.78%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$23.54

Implied Near-term FCF Growth—

Historical Revenue Growth15.3%

Historical Earnings Growth-1.9%

Base FCF (TTM)—

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: $0.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.83

Current Price$23.54

Upside / Downside-37.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $205.69M

Results

Implied Equity Value / share$-9.91

Current Price$23.54

Upside / Downside-142.1%

Implied EV$0

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