CQP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($62.38)
DCF	$26240.50	+41965.6%
Graham Number	$23.92	-61.7%
Reverse DCF	—	implied g: 6.7%
DDM	$67.98	+9.0%
EV/EBITDA	$56.71	-9.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.30B

Near-term growth (yrs 1–5)(%)Rev: 18.3% / EPS: 127.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.34%

Computed WACC: 4.34%

Cost of equity (Re)6.44%(Rf 4.30% + β 0.39 × 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)67.39%

Debt weight (D/V)32.61%

Results

Intrinsic Value / share$127439.16

Current Price$62.38

Upside / Downside+204194.9%

Net Debt (used)$14.43B

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

WACC \ Near-term	119.0%	123.0%	127.0%	131.0%	135.0%
7.0%	$36228.83	$39658.20	$43342.40	$47295.37	$51531.55
8.0%	$27707.38	$30329.71	$33146.85	$36169.45	$39408.56
9.0%	$21934.97	$24010.66	$26240.50	$28632.92	$31196.66
10.0%	$17802.29	$19486.64	$21296.05	$23237.34	$25317.61
11.0%	$14722.87	$16115.66	$17611.82	$19216.99	$20937.04

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.90

Book Value / share($)Yahoo: $6.52

Results

Graham Number$23.92

Current Price$62.38

Margin of Safety-61.7%

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)6.44%(Rf 4.30% + β 0.39 × 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)67.39%

Debt weight (D/V)32.61%

Results

Current Price$62.38

Implied Near-term FCF Growth-11.5%

Historical Revenue Growth18.3%

Historical Earnings Growth127.0%

Base FCF (TTM)$2.30B

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: $3.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$67.98

Current Price$62.38

Upside / Downside+9.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.39B

Target EV/EBITDA multipleCurrent: 9.5×

Net Debt($B)Default: $14.43B

Results

Implied Equity Value / share$56.71

Current Price$62.38

Upside / Downside-9.1%

Implied EV$41.88B

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

Mult \ Net Debt	$6.43B	$10.43B	$14.43B	$18.43B	$22.43B
5.5x	$36.93	$28.67	$20.40	$12.14	$3.88
7.5x	$55.09	$46.82	$38.56	$30.30	$22.03
9.5x	$73.24	$64.98	$56.71	$48.45	$40.19
11.5x	$91.40	$83.13	$74.87	$66.61	$58.34
13.5x	$109.55	$101.29	$93.02	$84.76	$76.50

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