CIX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.87)
DCF	$36.92	+48.5%
Graham Number	$19.86	-20.1%
Reverse DCF	—	implied g: 13.5%
DDM	$24.72	-0.6%
EV/EBITDA	$23.50	-5.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $9.05M

Near-term growth (yrs 1–5)(%)Rev: 18.7% / EPS: 21.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.20%

Computed WACC: 10.20%

Cost of equity (Re)10.20%(Rf 4.30% + β 1.07 × 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)100.00%

Debt weight (D/V)0.00%

Results

Intrinsic Value / share$30.97

Current Price$24.87

Upside / Downside+24.5%

Net Debt (used)-$46.27M

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

WACC \ Near-term	13.4%	17.4%	21.4%	25.4%	29.4%
7.0%	$40.09	$46.64	$54.13	$62.65	$72.30
8.0%	$32.83	$38.01	$43.93	$50.66	$58.28
9.0%	$27.83	$32.08	$36.92	$42.43	$48.65
10.0%	$24.20	$27.77	$31.83	$36.44	$41.66
11.0%	$21.45	$24.50	$27.97	$31.91	$36.36

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.57

Book Value / share($)Yahoo: $11.17

Results

Graham Number$19.86

Current Price$24.87

Margin of Safety-20.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.20%

Terminal growth rate(%)

Computed WACC: 10.20%

Cost of equity (Re)10.20%(Rf 4.30% + β 1.07 × 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)100.00%

Debt weight (D/V)0.00%

Results

Current Price$24.87

Implied Near-term FCF Growth16.8%

Historical Revenue Growth18.7%

Historical Earnings Growth21.4%

Base FCF (TTM)$9.05M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$24.87

Upside / Downside-0.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $25.52M

Target EV/EBITDA multipleCurrent: 9.5×

Net Debt($B)Default: -$46.27M

Results

Implied Equity Value / share$23.50

Current Price$24.87

Upside / Downside-5.5%

Implied EV$243.33M

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

Mult \ Net Debt	-$2.05B	-$1.05B	-$46.27M	$953.73M	$1.95B
5.5x	$177.51	$96.37	$15.22	$-65.93	$-147.08
7.5x	$181.66	$100.51	$19.36	$-61.79	$-142.94
9.5x	$185.80	$104.65	$23.50	$-57.65	$-138.80
11.5x	$189.94	$108.79	$27.64	$-53.51	$-134.65
13.5x	$194.08	$112.93	$31.78	$-49.36	$-130.51

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