CNR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($86.99)
DCF	$-682.34	-884.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	$8.24	-90.5%
EV/EBITDA	$86.99	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$38.07M

Near-term growth (yrs 1–5)(%)Rev: 81.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.43%

Computed WACC: 5.43%

Cost of equity (Re)5.98%(Rf 4.30% + β 0.31 × 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)90.78%

Debt weight (D/V)9.22%

Results

Intrinsic Value / share$-1871.38

Current Price$86.99

Upside / Downside-2251.3%

Net Debt (used)$20.31M

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

WACC \ Near-term	73.8%	77.8%	81.8%	85.8%	89.8%
7.0%	$-885.83	$-991.97	$-1108.07	$-1234.81	$-1372.92
8.0%	$-683.40	$-765.15	$-854.57	$-952.19	$-1058.55
9.0%	$-545.84	$-611.04	$-682.34	$-760.17	$-844.97
10.0%	$-447.03	$-500.33	$-558.62	$-622.24	$-691.55
11.0%	$-373.13	$-417.54	$-466.10	$-519.09	$-576.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.98

Book Value / share($)Yahoo: $72.16

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$86.99

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.43%

Terminal growth rate(%)

Computed WACC: 5.43%

Cost of equity (Re)5.98%(Rf 4.30% + β 0.31 × 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)90.78%

Debt weight (D/V)9.22%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$86.99

Implied Near-term FCF Growth—

Historical Revenue Growth81.8%

Historical Earnings Growth—

Base FCF (TTM)-$38.07M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$86.99

Upside / Downside-90.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $406.28M

Target EV/EBITDA multipleCurrent: 11.0×

Net Debt($B)Default: $20.31M

Results

Implied Equity Value / share$86.99

Current Price$86.99

Upside / Downside-0.0%

Implied EV$4.45B

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

Mult \ Net Debt	-$1.98B	-$979.69M	$20.31M	$1.02B	$2.02B
7.0x	$94.34	$74.72	$55.11	$35.49	$15.88
9.0x	$110.28	$90.66	$71.05	$51.43	$31.82
11.0x	$126.22	$106.60	$86.99	$67.37	$47.75
13.0x	$142.16	$122.54	$102.93	$83.31	$63.69
15.0x	$158.10	$138.48	$118.86	$99.25	$79.63

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