CPB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.32)
DCF	$13.18	-49.9%
Graham Number	$24.08	-8.5%
Reverse DCF	—	implied g: 10.2%
DDM	$32.14	+22.1%
EV/EBITDA	$26.33	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $630.50M

Near-term growth (yrs 1–5)(%)Rev: -3.4% / EPS: -9.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.34%

Computed WACC: 4.34%

Cost of equity (Re)4.10%(Rf 4.30% + β -0.04 × ERP 5.50%)

Cost of debt (Rd)5.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.78%

Debt weight (D/V)48.22%

Results

Intrinsic Value / share$108.41

Current Price$26.32

Upside / Downside+311.9%

Net Debt (used)$7.14B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$13.50	$21.07	$29.88	$40.08	$51.82
8.0%	$6.84	$12.93	$20.01	$28.20	$37.61
9.0%	$2.22	$7.30	$13.18	$19.98	$27.79
10.0%	$-1.17	$3.16	$8.18	$13.96	$20.59
11.0%	$-3.76	$-0.00	$4.35	$9.36	$15.10

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.94

Book Value / share($)Yahoo: $13.28

Results

Graham Number$24.08

Current Price$26.32

Margin of Safety-8.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.34%

Terminal growth rate(%)

Computed WACC: 4.34%

Cost of equity (Re)4.10%(Rf 4.30% + β -0.04 × ERP 5.50%)

Cost of debt (Rd)5.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.78%

Debt weight (D/V)48.22%

Results

Current Price$26.32

Implied Near-term FCF Growth-8.8%

Historical Revenue Growth-3.4%

Historical Earnings Growth-9.7%

Base FCF (TTM)$630.50M

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: $1.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.14

Current Price$26.32

Upside / Downside+22.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.83B

Target EV/EBITDA multipleCurrent: 8.2×

Net Debt($B)Default: $7.14B

Results

Implied Equity Value / share$26.33

Current Price$26.32

Upside / Downside+0.0%

Implied EV$14.99B

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

Mult \ Net Debt	$3.14B	$5.14B	$7.14B	$9.14B	$11.14B
4.2x	$15.14	$8.43	$1.72	$-4.99	$-11.70
6.2x	$27.44	$20.73	$14.02	$7.31	$0.61
8.2x	$39.74	$33.03	$26.33	$19.62	$12.91
10.2x	$52.05	$45.34	$38.63	$31.92	$25.21
12.2x	$64.35	$57.64	$50.93	$44.22	$37.51

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