CMS-PB

CMS-PB — Valuation Models

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

Valuation Summary

ModelIntrinsic Valuevs Price ($81.48)
DCF$-465.97-671.9%
Graham Number$190.85+134.2%
Reverse DCF
DDM$92.70+13.8%
EV/EBITDA$81.93+0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: -$1.01B
Rev: 11.3% / EPS: -0.7%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$-466.48
Current Price$81.48
Upside / Downside-672.5%
Net Debt (used)$13.52B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term3.3%7.3%11.3%15.3%19.3%
7.0%$-479.91$-541.80$-613.28$-695.44$-789.45
8.0%$-419.94$-469.37$-526.40$-591.89$-666.75
9.0%$-378.54$-419.40$-466.48$-520.49$-582.18
10.0%$-348.27$-382.88$-422.72$-468.37$-520.47
11.0%$-325.20$-355.07$-389.40$-428.71$-473.53

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $10.86
Yahoo: $149.12

Results

Graham Number$190.85
Current Price$81.48
Margin of Safety+134.2%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Reverse DCF requires positive TTM free cash flow.
Current Price$81.48
Implied Near-term FCF Growth
Historical Revenue Growth11.3%
Historical Earnings Growth-0.7%
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

Yahoo: $4.50

Results

DDM Intrinsic Value / share$92.70
Current Price$81.48
Upside / Downside+13.8%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $3.00B
Current: 6.8×
Default: $13.52B

Results

Implied Equity Value / share$81.93
Current Price$81.48
Upside / Downside+0.6%
Implied EV$20.41B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt$7.52B$10.52B$13.52B$16.52B$19.52B
2.8x$10.69$-24.98$-60.64$-96.31$-131.98
4.8x$81.98$46.31$10.65$-25.02$-60.69
6.8x$153.27$117.60$81.93$46.27$10.60
8.8x$224.56$188.89$153.22$117.55$81.89
10.8x$295.85$260.18$224.51$188.84$153.18