CNXC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($31.77)
DCF	$116.89	+267.9%
Graham Number	—	—
Reverse DCF	—	implied g: -4.3%
DDM	$29.66	-6.6%
EV/EBITDA	$31.90	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $705.49M

Near-term growth (yrs 1–5)(%)Rev: 4.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.46%

Computed WACC: 5.46%

Cost of equity (Re)6.93%(Rf 4.30% + β 0.48 × ERP 5.50%)

Cost of debt (Rd)6.24%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)26.31%

Debt weight (D/V)73.69%

Results

Intrinsic Value / share$361.28

Current Price$31.77

Upside / Downside+1037.2%

Net Debt (used)$5.21B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$118.62	$159.79	$207.68	$263.11	$326.95
8.0%	$82.40	$115.53	$154.02	$198.51	$249.68
9.0%	$57.30	$84.89	$116.89	$153.82	$196.27
10.0%	$38.87	$62.41	$89.67	$121.09	$157.16
11.0%	$24.77	$45.21	$68.86	$96.09	$127.30

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-20.36

Book Value / share($)Yahoo: $44.45

Results

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

Graham Number—

Current Price$31.77

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.46%

Terminal growth rate(%)

Computed WACC: 5.46%

Cost of equity (Re)6.93%(Rf 4.30% + β 0.48 × ERP 5.50%)

Cost of debt (Rd)6.24%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)26.31%

Debt weight (D/V)73.69%

Results

Current Price$31.77

Implied Near-term FCF Growth-14.8%

Historical Revenue Growth4.3%

Historical Earnings Growth—

Base FCF (TTM)$705.49M

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: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$31.77

Upside / Downside-6.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.27B

Target EV/EBITDA multipleCurrent: 5.7×

Net Debt($B)Default: $5.21B

Results

Implied Equity Value / share$31.90

Current Price$31.77

Upside / Downside+0.4%

Implied EV$7.17B

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

Mult \ Net Debt	$3.21B	$4.21B	$5.21B	$6.21B	$7.21B
1.7x	$-18.01	$-34.31	$-50.60	$-66.90	$-83.19
3.7x	$23.24	$6.94	$-9.35	$-25.65	$-41.94
5.7x	$64.49	$48.19	$31.90	$15.60	$-0.69
7.7x	$105.74	$89.44	$73.15	$56.85	$40.56
9.7x	$146.99	$130.69	$114.40	$98.10	$81.81

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