CNP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($43.34)
DCF	$-180.75	-517.1%
Graham Number	$24.80	-42.8%
Reverse DCF	—	—
DDM	$18.95	-56.3%
EV/EBITDA	$43.50	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$3.90B

Near-term growth (yrs 1–5)(%)Rev: 10.7% / EPS: 5.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.17%

Computed WACC: 4.17%

Cost of equity (Re)7.56%(Rf 4.30% + β 0.59 × 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)55.12%

Debt weight (D/V)44.88%

Results

Intrinsic Value / share$-636.65

Current Price$43.34

Upside / Downside-1569.0%

Net Debt (used)$22.49B

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

WACC \ Near-term	2.7%	6.7%	10.7%	14.7%	18.7%
7.0%	$-186.40	$-215.98	$-250.17	$-289.49	$-334.50
8.0%	$-158.00	$-181.65	$-208.95	$-240.31	$-276.18
9.0%	$-138.39	$-157.95	$-180.51	$-206.39	$-235.97
10.0%	$-124.05	$-140.63	$-159.73	$-181.62	$-206.62
11.0%	$-113.11	$-127.43	$-143.90	$-162.77	$-184.29

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.60

Book Value / share($)Yahoo: $17.08

Results

Graham Number$24.80

Current Price$43.34

Margin of Safety-42.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.17%

Terminal growth rate(%)

Computed WACC: 4.17%

Cost of equity (Re)7.56%(Rf 4.30% + β 0.59 × 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)55.12%

Debt weight (D/V)44.88%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$43.34

Implied Near-term FCF Growth—

Historical Revenue Growth10.7%

Historical Earnings Growth5.2%

Base FCF (TTM)-$3.90B

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: $0.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.95

Current Price$43.34

Upside / Downside-56.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.59B

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: $22.49B

Results

Implied Equity Value / share$43.50

Current Price$43.34

Upside / Downside+0.4%

Implied EV$50.89B

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

Mult \ Net Debt	$10.49B	$16.49B	$22.49B	$28.49B	$34.49B
10.2x	$39.87	$30.68	$21.49	$12.30	$3.11
12.2x	$50.88	$41.68	$32.49	$23.30	$14.11
14.2x	$61.88	$52.69	$43.50	$34.31	$25.12
16.2x	$72.89	$63.70	$54.51	$45.32	$36.13
18.2x	$83.90	$74.71	$65.51	$56.32	$47.13

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