COUR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.40)
DCF	$15.69	+145.1%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $79.90M

Near-term growth (yrs 1–5)(%)Rev: 9.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.80%

Computed WACC: 11.80%

Cost of equity (Re)11.86%(Rf 4.30% + β 1.38 × 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)99.48%

Debt weight (D/V)0.52%

Results

Intrinsic Value / share$12.18

Current Price$6.40

Upside / Downside+90.4%

Net Debt (used)-$786.90M

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

WACC \ Near-term	1.9%	5.9%	9.9%	13.9%	17.9%
7.0%	$16.11	$18.35	$20.94	$23.93	$27.35
8.0%	$13.98	$15.77	$17.84	$20.23	$22.96
9.0%	$12.50	$13.99	$15.70	$17.67	$19.93
10.0%	$11.43	$12.69	$14.14	$15.81	$17.71
11.0%	$10.61	$11.70	$12.95	$14.39	$16.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.31

Book Value / share($)Yahoo: $3.79

Results

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

Graham Number—

Current Price$6.40

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.80%

Terminal growth rate(%)

Computed WACC: 11.80%

Cost of equity (Re)11.86%(Rf 4.30% + β 1.38 × 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)99.48%

Debt weight (D/V)0.52%

Results

Current Price$6.40

Implied Near-term FCF Growth-17.4%

Historical Revenue Growth9.9%

Historical Earnings Growth—

Base FCF (TTM)$79.90M

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$6.40

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$56.10M

Target EV/EBITDA multipleCurrent: -5.2×

Net Debt($B)Default: -$786.90M

Results

Implied Equity Value / share$6.37

Current Price$6.40

Upside / Downside-0.5%

Implied EV$291.27M

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