CNS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($68.43)
DCF	$44.35	-35.2%
Graham Number	$27.13	-60.4%
Reverse DCF	—	implied g: 12.9%
DDM	$55.21	-19.3%
EV/EBITDA	$70.35	+2.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $119.04M

Near-term growth (yrs 1–5)(%)Rev: 2.9% / EPS: -24.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.80%

Computed WACC: 10.80%

Cost of equity (Re)11.22%(Rf 4.30% + β 1.26 × 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)96.19%

Debt weight (D/V)3.81%

Results

Intrinsic Value / share$35.37

Current Price$68.43

Upside / Downside-48.3%

Net Debt (used)-$172.57M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$44.71	$53.06	$62.79	$74.04	$87.00
8.0%	$37.35	$44.08	$51.89	$60.92	$71.31
9.0%	$32.26	$37.86	$44.35	$51.85	$60.47
10.0%	$28.52	$33.30	$38.83	$45.21	$52.53
11.0%	$25.65	$29.81	$34.61	$40.13	$46.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.97

Book Value / share($)Yahoo: $11.01

Results

Graham Number$27.13

Current Price$68.43

Margin of Safety-60.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.80%

Terminal growth rate(%)

Computed WACC: 10.80%

Cost of equity (Re)11.22%(Rf 4.30% + β 1.26 × 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)96.19%

Debt weight (D/V)3.81%

Results

Current Price$68.43

Implied Near-term FCF Growth17.8%

Historical Revenue Growth2.9%

Historical Earnings Growth-24.5%

Base FCF (TTM)$119.04M

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: $2.68

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$55.21

Current Price$68.43

Upside / Downside-19.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $188.05M

Target EV/EBITDA multipleCurrent: 18.2×

Net Debt($B)Default: -$172.57M

Results

Implied Equity Value / share$70.35

Current Price$68.43

Upside / Downside+2.8%

Implied EV$3.42B

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

Mult \ Net Debt	-$2.17B	-$1.17B	-$172.57M	$827.43M	$1.83B
14.2x	$94.82	$75.21	$55.61	$36.00	$16.40
16.2x	$102.19	$82.58	$62.98	$43.37	$23.77
18.2x	$109.56	$89.96	$70.35	$50.75	$31.14
20.2x	$116.94	$97.33	$77.73	$58.12	$38.52
22.2x	$124.31	$104.70	$85.10	$65.49	$45.89

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