CNK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.68)
DCF	$-0.73	-102.5%
Graham Number	$9.12	-68.2%
Reverse DCF	—	implied g: 19.6%
DDM	$7.42	-74.1%
EV/EBITDA	$28.26	-1.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $145.98M

Near-term growth (yrs 1–5)(%)Rev: -4.7% / EPS: -15.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.56%

Computed WACC: 5.56%

Cost of equity (Re)10.49%(Rf 4.30% + β 1.13 × 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)52.97%

Debt weight (D/V)47.03%

Results

Intrinsic Value / share$24.52

Current Price$28.68

Upside / Downside-14.5%

Net Debt (used)$2.65B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-0.54	$3.99	$9.25	$15.34	$22.36
8.0%	$-4.52	$-0.88	$3.35	$8.24	$13.87
9.0%	$-7.28	$-4.24	$-0.73	$3.33	$8.00
10.0%	$-9.30	$-6.72	$-3.72	$-0.27	$3.70
11.0%	$-10.85	$-8.61	$-6.01	$-3.01	$0.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.04

Book Value / share($)Yahoo: $3.55

Results

Graham Number$9.12

Current Price$28.68

Margin of Safety-68.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.56%

Terminal growth rate(%)

Computed WACC: 5.56%

Cost of equity (Re)10.49%(Rf 4.30% + β 1.13 × 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)52.97%

Debt weight (D/V)47.03%

Results

Current Price$28.68

Implied Near-term FCF Growth6.3%

Historical Revenue Growth-4.7%

Historical Earnings Growth-15.7%

Base FCF (TTM)$145.98M

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$28.68

Upside / Downside-74.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $543.70M

Target EV/EBITDA multipleCurrent: 10.9×

Net Debt($B)Default: $2.65B

Results

Implied Equity Value / share$28.26

Current Price$28.68

Upside / Downside-1.5%

Implied EV$5.91B

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

Mult \ Net Debt	$646.80M	$1.65B	$2.65B	$3.65B	$4.65B
6.9x	$26.75	$18.09	$9.44	$0.78	$-7.88
8.9x	$36.16	$27.50	$18.85	$10.19	$1.54
10.9x	$45.57	$36.92	$28.26	$19.60	$10.95
12.9x	$54.99	$46.33	$37.67	$29.02	$20.36
14.9x	$64.40	$55.74	$47.09	$38.43	$29.77

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