CODI-PB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.52)
DCF	$-37.04	-280.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	$40.58	+97.8%
EV/EBITDA	$36.18	+76.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$13.60M

Near-term growth (yrs 1–5)(%)Rev: -5.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.37%

Computed WACC: 8.37%

Cost of equity (Re)10.03%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)9.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)32.24%

Debt weight (D/V)67.76%

Results

Intrinsic Value / share$-37.48

Current Price$20.52

Upside / Downside-282.7%

Net Debt (used)$1.98B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-37.08	$-37.89	$-38.84	$-39.93	$-41.19
8.0%	$-36.36	$-37.02	$-37.78	$-38.65	$-39.66
9.0%	$-35.87	$-36.41	$-37.04	$-37.77	$-38.61
10.0%	$-35.50	$-35.97	$-36.50	$-37.13	$-37.84
11.0%	$-35.22	$-35.63	$-36.09	$-36.63	$-37.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.86

Book Value / share($)Yahoo: $-0.48

Results

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

Graham Number—

Current Price$20.52

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.37%

Terminal growth rate(%)

Computed WACC: 8.37%

Cost of equity (Re)10.03%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)9.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)32.24%

Debt weight (D/V)67.76%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$20.52

Implied Near-term FCF Growth—

Historical Revenue Growth-5.1%

Historical Earnings Growth—

Base FCF (TTM)-$13.60M

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: $1.97

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$40.58

Current Price$20.52

Upside / Downside+97.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $192.27M

Target EV/EBITDA multipleCurrent: 21.6×

Net Debt($B)Default: $1.98B

Results

Implied Equity Value / share$36.18

Current Price$20.52

Upside / Downside+76.3%

Implied EV$4.15B

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

Mult \ Net Debt	$1.98B	$1.98B	$1.98B	$1.98B	$1.98B
17.6x	$23.34	$23.34	$23.34	$23.34	$23.34
19.6x	$29.76	$29.76	$29.76	$29.76	$29.76
21.6x	$36.18	$36.18	$36.18	$36.18	$36.18
23.6x	$42.60	$42.60	$42.60	$42.60	$42.60
25.6x	$49.01	$49.01	$49.01	$49.01	$49.01

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