CMG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.69)
DCF	$10.55	-71.3%
Graham Number	$7.39	-79.8%
Reverse DCF	—	implied g: 23.6%
DDM	—	—
EV/EBITDA	$36.69	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.01B

Near-term growth (yrs 1–5)(%)Rev: 4.9% / EPS: 4.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.85%

Computed WACC: 8.85%

Cost of equity (Re)9.78%(Rf 4.30% + β 1.00 × 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)90.53%

Debt weight (D/V)9.47%

Results

Intrinsic Value / share$10.87

Current Price$36.69

Upside / Downside-70.4%

Net Debt (used)$4.03B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$10.66	$13.44	$16.68	$20.42	$24.74
8.0%	$8.22	$10.45	$13.05	$16.06	$19.52
9.0%	$6.52	$8.38	$10.55	$13.04	$15.91
10.0%	$5.27	$6.86	$8.71	$10.83	$13.27
11.0%	$4.32	$5.70	$7.30	$9.14	$11.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.12

Book Value / share($)Yahoo: $2.17

Results

Graham Number$7.39

Current Price$36.69

Margin of Safety-79.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.85%

Terminal growth rate(%)

Computed WACC: 8.85%

Cost of equity (Re)9.78%(Rf 4.30% + β 1.00 × 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)90.53%

Debt weight (D/V)9.47%

Results

Current Price$36.69

Implied Near-term FCF Growth23.2%

Historical Revenue Growth4.9%

Historical Earnings Growth4.0%

Base FCF (TTM)$1.01B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$36.69

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.38B

Target EV/EBITDA multipleCurrent: 21.8×

Net Debt($B)Default: $4.03B

Results

Implied Equity Value / share$36.69

Current Price$36.69

Upside / Downside-0.0%

Implied EV$51.81B

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

Mult \ Net Debt	$2.03B	$3.03B	$4.03B	$5.03B	$6.03B
17.8x	$30.91	$30.14	$29.37	$28.61	$27.84
19.8x	$34.57	$33.80	$33.03	$32.26	$31.50
21.8x	$38.23	$37.46	$36.69	$35.92	$35.15
23.8x	$41.88	$41.12	$40.35	$39.58	$38.81
25.8x	$45.54	$44.77	$44.00	$43.24	$42.47

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