CMC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($73.60)
DCF	$-423.03	-674.8%
Graham Number	$58.08	-21.1%
Reverse DCF	—	—
DDM	$14.83	-79.8%
EV/EBITDA	$73.60	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.79B

Near-term growth (yrs 1–5)(%)Rev: 11.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.58%

Computed WACC: 8.58%

Cost of equity (Re)12.10%(Rf 4.30% + β 1.42 × 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)70.92%

Debt weight (D/V)29.08%

Results

Intrinsic Value / share$-452.84

Current Price$73.60

Upside / Downside-715.3%

Net Debt (used)$2.33B

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

WACC \ Near-term	3.0%	7.0%	11.0%	15.0%	19.0%
7.0%	$-439.97	$-521.38	$-615.43	$-723.57	$-847.35
8.0%	$-361.46	$-426.51	$-501.58	$-587.80	$-686.40
9.0%	$-307.24	$-361.03	$-423.03	$-494.17	$-575.45
10.0%	$-267.60	$-313.18	$-365.66	$-425.81	$-494.47
11.0%	$-237.37	$-276.72	$-321.96	$-373.78	$-432.86

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.86

Book Value / share($)Yahoo: $38.85

Results

Graham Number$58.08

Current Price$73.60

Margin of Safety-21.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.58%

Terminal growth rate(%)

Computed WACC: 8.58%

Cost of equity (Re)12.10%(Rf 4.30% + β 1.42 × 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)70.92%

Debt weight (D/V)29.08%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$73.60

Implied Near-term FCF Growth—

Historical Revenue Growth11.0%

Historical Earnings Growth—

Base FCF (TTM)-$1.79B

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$73.60

Upside / Downside-79.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $902.98M

Target EV/EBITDA multipleCurrent: 11.6×

Net Debt($B)Default: $2.33B

Results

Implied Equity Value / share$73.60

Current Price$73.60

Upside / Downside+0.0%

Implied EV$10.49B

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

Mult \ Net Debt	$328.52M	$1.33B	$2.33B	$3.33B	$4.33B
7.6x	$59.07	$50.05	$41.04	$32.02	$23.00
9.6x	$75.35	$66.34	$57.32	$48.30	$39.29
11.6x	$91.64	$82.62	$73.60	$64.59	$55.57
13.6x	$107.92	$98.90	$89.89	$80.87	$71.85
15.6x	$124.20	$115.19	$106.17	$97.15	$88.14

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