CNH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.33)
DCF	$-21.92	-277.8%
Graham Number	$7.58	-38.5%
Reverse DCF	—	—
DDM	$5.15	-58.2%
EV/EBITDA	$12.36	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$123.88M

Near-term growth (yrs 1–5)(%)Rev: 5.8% / EPS: -50.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.26%

Computed WACC: 4.26%

Cost of equity (Re)11.73%(Rf 4.30% + β 1.35 × 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)36.28%

Debt weight (D/V)63.72%

Results

Intrinsic Value / share$-26.96

Current Price$12.33

Upside / Downside-318.6%

Net Debt (used)$25.04B

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

WACC \ Near-term	-2.2%	1.8%	5.8%	9.8%	13.8%
7.0%	$-21.94	$-22.32	$-22.75	$-23.25	$-23.83
8.0%	$-21.61	$-21.91	$-22.26	$-22.66	$-23.12
9.0%	$-21.38	$-21.63	$-21.92	$-22.25	$-22.64
10.0%	$-21.21	$-21.43	$-21.67	$-21.96	$-22.28
11.0%	$-21.08	$-21.27	$-21.48	$-21.73	$-22.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.41

Book Value / share($)Yahoo: $6.22

Results

Graham Number$7.58

Current Price$12.33

Margin of Safety-38.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.26%

Terminal growth rate(%)

Computed WACC: 4.26%

Cost of equity (Re)11.73%(Rf 4.30% + β 1.35 × 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)36.28%

Debt weight (D/V)63.72%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$12.33

Implied Near-term FCF Growth—

Historical Revenue Growth5.8%

Historical Earnings Growth-50.1%

Base FCF (TTM)-$123.88M

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: $0.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.15

Current Price$12.33

Upside / Downside-58.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.16B

Target EV/EBITDA multipleCurrent: 35.0×

Net Debt($B)Default: $25.04B

Results

Implied Equity Value / share$12.36

Current Price$12.33

Upside / Downside+0.3%

Implied EV$40.45B

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

Mult \ Net Debt	$13.04B	$19.04B	$25.04B	$31.04B	$37.04B
31.0x	$18.28	$13.47	$8.65	$3.84	$-0.97
33.0x	$20.14	$15.32	$10.51	$5.69	$0.88
35.0x	$21.99	$17.18	$12.36	$7.55	$2.74
37.0x	$23.85	$19.03	$14.22	$9.40	$4.59
39.0x	$25.70	$20.89	$16.07	$11.26	$6.45

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