CNX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.72)
DCF	$491.31	+1077.6%
Graham Number	$52.19	+25.1%
Reverse DCF	—	implied g: 2.9%
DDM	—	—
EV/EBITDA	$41.89	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $549.84M

Near-term growth (yrs 1–5)(%)Rev: 41.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.36%

Computed WACC: 5.36%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × 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)69.52%

Debt weight (D/V)30.48%

Results

Intrinsic Value / share$1335.57

Current Price$41.72

Upside / Downside+3101.3%

Net Debt (used)$2.60B

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

WACC \ Near-term	33.2%	37.2%	41.2%	45.2%	49.2%
7.0%	$582.98	$676.83	$782.15	$899.96	$1031.36
8.0%	$453.84	$527.13	$609.37	$701.33	$803.87
9.0%	$365.57	$424.84	$491.31	$565.62	$648.45
10.0%	$301.76	$350.89	$405.97	$467.53	$536.14
11.0%	$253.70	$295.20	$341.72	$393.69	$451.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.98

Book Value / share($)Yahoo: $30.42

Results

Graham Number$52.19

Current Price$41.72

Margin of Safety+25.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.36%

Terminal growth rate(%)

Computed WACC: 5.36%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × 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)69.52%

Debt weight (D/V)30.48%

Results

Current Price$41.72

Implied Near-term FCF Growth-9.1%

Historical Revenue Growth41.2%

Historical Earnings Growth—

Base FCF (TTM)$549.84M

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$41.72

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.46B

Target EV/EBITDA multipleCurrent: 5.9×

Net Debt($B)Default: $2.60B

Results

Implied Equity Value / share$41.89

Current Price$41.72

Upside / Downside+0.4%

Implied EV$8.57B

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

Mult \ Net Debt	$604.07M	$1.60B	$2.60B	$3.60B	$4.60B
1.9x	$14.84	$7.81	$0.79	$-6.24	$-13.26
3.9x	$35.39	$28.36	$21.34	$14.31	$7.29
5.9x	$55.94	$48.91	$41.89	$34.86	$27.84
7.9x	$76.48	$69.46	$62.44	$55.41	$48.39
9.9x	$97.03	$90.01	$82.99	$75.96	$68.94

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