CMRC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.82)
DCF	$7.15	+153.4%
Graham Number	—	—
Reverse DCF	—	implied g: -9.8%
DDM	—	—
EV/EBITDA	$2.83	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $34.46M

Near-term growth (yrs 1–5)(%)Rev: 2.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.05%

Computed WACC: 8.05%

Cost of equity (Re)10.80%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)5.37%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)58.06%

Debt weight (D/V)41.94%

Results

Intrinsic Value / share$8.43

Current Price$2.82

Upside / Downside+199.1%

Net Debt (used)$24.42M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7.21	$8.73	$10.49	$12.54	$14.89
8.0%	$5.87	$7.10	$8.51	$10.16	$12.04
9.0%	$4.95	$5.96	$7.15	$8.51	$10.07
10.0%	$4.27	$5.14	$6.14	$7.30	$8.63
11.0%	$3.75	$4.50	$5.37	$6.38	$7.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.24

Book Value / share($)Yahoo: $0.48

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$2.82

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.05%

Terminal growth rate(%)

Computed WACC: 8.05%

Cost of equity (Re)10.80%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)5.37%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)58.06%

Debt weight (D/V)41.94%

Results

Current Price$2.82

Implied Near-term FCF Growth-11.9%

Historical Revenue Growth2.9%

Historical Earnings Growth—

Base FCF (TTM)$34.46M

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$2.82

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $8.93M

Target EV/EBITDA multipleCurrent: 28.4×

Net Debt($B)Default: $24.42M

Results

Implied Equity Value / share$2.83

Current Price$2.82

Upside / Downside+0.2%

Implied EV$254.07M

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

Mult \ Net Debt	-$1.98B	-$975.58M	$24.42M	$1.02B	$2.02B
24.4x	$27.00	$14.69	$2.39	$-9.92	$-22.23
26.4x	$27.22	$14.91	$2.61	$-9.70	$-22.01
28.4x	$27.44	$15.13	$2.83	$-9.48	$-21.79
30.4x	$27.66	$15.35	$3.05	$-9.26	$-21.57
32.4x	$27.88	$15.57	$3.27	$-9.04	$-21.35

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