CNMD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($43.41)
DCF	$86.77	+99.9%
Graham Number	$33.66	-22.4%
Reverse DCF	—	implied g: -0.2%
DDM	$16.48	-62.0%
EV/EBITDA	$45.79	+5.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $169.27M

Near-term growth (yrs 1–5)(%)Rev: 7.9% / EPS: -50.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.71%

Computed WACC: 6.71%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)3.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.23%

Debt weight (D/V)39.77%

Results

Intrinsic Value / share$152.03

Current Price$43.41

Upside / Downside+250.2%

Net Debt (used)$846.67M

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

WACC \ Near-term	-0.1%	3.9%	7.9%	11.9%	15.9%
7.0%	$89.84	$113.12	$140.11	$171.25	$207.00
8.0%	$68.39	$87.06	$108.67	$133.58	$162.15
9.0%	$53.56	$69.04	$86.95	$107.57	$131.19
10.0%	$42.69	$55.86	$71.06	$88.54	$108.56
11.0%	$34.39	$45.79	$58.94	$74.04	$91.31

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.51

Book Value / share($)Yahoo: $33.36

Results

Graham Number$33.66

Current Price$43.41

Margin of Safety-22.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.71%

Terminal growth rate(%)

Computed WACC: 6.71%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)3.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.23%

Debt weight (D/V)39.77%

Results

Current Price$43.41

Implied Near-term FCF Growth-6.7%

Historical Revenue Growth7.9%

Historical Earnings Growth-50.0%

Base FCF (TTM)$169.27M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$43.41

Upside / Downside-62.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $201.65M

Target EV/EBITDA multipleCurrent: 11.2×

Net Debt($B)Default: $846.67M

Results

Implied Equity Value / share$45.79

Current Price$43.41

Upside / Downside+5.5%

Implied EV$2.26B

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

Mult \ Net Debt	-$1.15B	-$153.33M	$846.67M	$1.85B	$2.85B
7.2x	$84.49	$52.06	$19.63	$-12.80	$-45.24
9.2x	$97.57	$65.14	$32.71	$0.28	$-32.15
11.2x	$110.65	$78.22	$45.79	$13.36	$-19.07
13.2x	$123.73	$91.30	$58.87	$26.44	$-5.99
15.2x	$136.81	$104.38	$71.95	$39.52	$7.09

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