CNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($49.58)
DCF	$991443600880.33	+1999684551897.4%
Graham Number	$67.31	+35.8%
Reverse DCF	—	implied g: -13.5%
DDM	$39.55	-20.2%
EV/EBITDA	$49.58	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.34B

Near-term growth (yrs 1–5)(%)Rev: 3.8% / EPS: 1333.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.73%

Computed WACC: 5.73%

Cost of equity (Re)6.24%(Rf 4.30% + β 0.35 × ERP 5.50%)

Cost of debt (Rd)4.54%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)80.80%

Debt weight (D/V)19.20%

Results

Intrinsic Value / share$2612287704430.93

Current Price$49.58

Upside / Downside+5268833611095.9%

Net Debt (used)$444.00M

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

WACC \ Near-term	1325.5%	1329.5%	1333.5%	1337.5%	1341.5%
7.0%	$1640679834069.00	$1663828388909.82	$1687237494217.92	$1710909343315.64	$1734846141799.88
8.0%	$1236438623661.10	$1253883689041.88	$1271525108792.11	$1289364535829.26	$1307403632321.07
9.0%	$964399355290.74	$978006184845.25	$991766167188.16	$1005680591564.63	$1019750754434.84
10.0%	$771034869144.67	$781913495154.58	$792914566432.17	$804039113725.67	$815288173551.72
11.0%	$628066194006.31	$636927657232.93	$645888861384.70	$654950646083.93	$664113855651.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.69

Book Value / share($)Yahoo: $42.93

Results

Graham Number$67.31

Current Price$49.58

Margin of Safety+35.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.73%

Terminal growth rate(%)

Computed WACC: 5.73%

Cost of equity (Re)6.24%(Rf 4.30% + β 0.35 × ERP 5.50%)

Cost of debt (Rd)4.54%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)80.80%

Debt weight (D/V)19.20%

Results

Current Price$49.58

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth3.8%

Historical Earnings Growth1333.5%

Base FCF (TTM)$2.34B

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: $1.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$39.55

Current Price$49.58

Upside / Downside-20.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.82B

Target EV/EBITDA multipleCurrent: 7.6×

Net Debt($B)Default: $444.00M

Results

Implied Equity Value / share$49.58

Current Price$49.58

Upside / Downside+0.0%

Implied EV$13.86B

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

Mult \ Net Debt	-$1.56B	-$556.00M	$444.00M	$1.44B	$2.44B
3.6x	$30.00	$26.31	$22.61	$18.92	$15.22
5.6x	$43.49	$39.79	$36.10	$32.40	$28.71
7.6x	$56.97	$53.28	$49.58	$45.89	$42.19
9.6x	$70.46	$66.76	$63.07	$59.37	$55.68
11.6x	$83.94	$80.25	$76.55	$72.86	$69.16

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