CNM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($52.86)
DCF	$32.33	-38.8%
Graham Number	$23.12	-56.3%
Reverse DCF	—	implied g: 11.5%
DDM	—	—
EV/EBITDA	$55.09	+4.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $481.62M

Near-term growth (yrs 1–5)(%)Rev: 1.2% / EPS: 4.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.50%

Computed WACC: 8.50%

Cost of equity (Re)9.68%(Rf 4.30% + β 0.98 × ERP 5.50%)

Cost of debt (Rd)4.40%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)80.95%

Debt weight (D/V)19.05%

Results

Intrinsic Value / share$36.11

Current Price$52.86

Upside / Downside-31.7%

Net Debt (used)$2.35B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$32.72	$41.85	$52.48	$64.78	$78.94
8.0%	$24.68	$32.03	$40.57	$50.44	$61.80
9.0%	$19.11	$25.23	$32.33	$40.53	$49.95
10.0%	$15.02	$20.24	$26.29	$33.27	$41.27
11.0%	$11.89	$16.43	$21.68	$27.72	$34.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.28

Book Value / share($)Yahoo: $10.42

Results

Graham Number$23.12

Current Price$52.86

Margin of Safety-56.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.50%

Terminal growth rate(%)

Computed WACC: 8.50%

Cost of equity (Re)9.68%(Rf 4.30% + β 0.98 × ERP 5.50%)

Cost of debt (Rd)4.40%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)80.95%

Debt weight (D/V)19.05%

Results

Current Price$52.86

Implied Near-term FCF Growth10.0%

Historical Revenue Growth1.2%

Historical Earnings Growth4.6%

Base FCF (TTM)$481.62M

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$52.86

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $922.00M

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $2.35B

Results

Implied Equity Value / share$55.09

Current Price$52.86

Upside / Downside+4.2%

Implied EV$12.75B

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

Mult \ Net Debt	$351.00M	$1.35B	$2.35B	$3.35B	$4.35B
9.8x	$46.14	$40.85	$35.55	$30.26	$24.96
11.8x	$55.91	$50.62	$45.32	$40.02	$34.73
13.8x	$65.68	$60.38	$55.09	$49.79	$44.49
15.8x	$75.45	$70.15	$64.85	$59.56	$54.26
17.8x	$85.21	$79.92	$74.62	$69.32	$64.03

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