COLD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.05)
DCF	$12.02	-7.9%
Graham Number	—	—
Reverse DCF	—	implied g: 5.6%
DDM	$18.95	+45.2%
EV/EBITDA	$13.18	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $443.38M

Near-term growth (yrs 1–5)(%)Rev: -1.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.13%

Computed WACC: 4.13%

Cost of equity (Re)9.11%(Rf 4.30% + β 0.87 × 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)45.33%

Debt weight (D/V)54.67%

Results

Intrinsic Value / share$94.71

Current Price$13.05

Upside / Downside+625.8%

Net Debt (used)$4.36B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$12.26	$17.83	$24.31	$31.82	$40.46
8.0%	$7.35	$11.84	$17.05	$23.07	$30.00
9.0%	$3.95	$7.69	$12.02	$17.02	$22.77
10.0%	$1.46	$4.64	$8.34	$12.59	$17.47
11.0%	$-0.45	$2.32	$5.52	$9.20	$13.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.22

Book Value / share($)Yahoo: $10.13

Results

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

Graham Number—

Current Price$13.05

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.13%

Terminal growth rate(%)

Computed WACC: 4.13%

Cost of equity (Re)9.11%(Rf 4.30% + β 0.87 × 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)45.33%

Debt weight (D/V)54.67%

Results

Current Price$13.05

Implied Near-term FCF Growth-13.9%

Historical Revenue Growth-1.2%

Historical Earnings Growth—

Base FCF (TTM)$443.38M

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: $0.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.95

Current Price$13.05

Upside / Downside+45.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $550.63M

Target EV/EBITDA multipleCurrent: 14.7×

Net Debt($B)Default: $4.36B

Results

Implied Equity Value / share$13.18

Current Price$13.05

Upside / Downside+1.0%

Implied EV$8.12B

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

Mult \ Net Debt	$2.36B	$3.36B	$4.36B	$5.36B	$6.36B
10.7x	$12.47	$8.96	$5.45	$1.94	$-1.57
12.7x	$16.34	$12.83	$9.32	$5.81	$2.30
14.7x	$20.20	$16.69	$13.18	$9.67	$6.16
16.7x	$24.07	$20.56	$17.05	$13.54	$10.03
18.7x	$27.94	$24.43	$20.91	$17.40	$13.89

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