CRAI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($182.90)
DCF	$313.86	+71.6%
Graham Number	$78.19	-57.2%
Reverse DCF	—	implied g: 3.0%
DDM	$46.97	-74.3%
EV/EBITDA	$180.37	-1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $84.04M

Near-term growth (yrs 1–5)(%)Rev: 11.6% / EPS: -9.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.01%

Computed WACC: 8.01%

Cost of equity (Re)8.85%(Rf 4.30% + β 0.83 × 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)90.44%

Debt weight (D/V)9.56%

Results

Intrinsic Value / share$378.00

Current Price$182.90

Upside / Downside+106.7%

Net Debt (used)$109.02M

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

WACC \ Near-term	3.6%	7.6%	11.6%	15.6%	19.6%
7.0%	$328.85	$395.70	$472.88	$561.56	$663.00
8.0%	$263.82	$317.20	$378.76	$449.43	$530.19
9.0%	$218.93	$263.04	$313.86	$372.12	$438.66
10.0%	$186.12	$223.47	$266.46	$315.70	$371.88
11.0%	$161.11	$193.33	$230.37	$272.77	$321.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.33

Book Value / share($)Yahoo: $32.62

Results

Graham Number$78.19

Current Price$182.90

Margin of Safety-57.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.01%

Terminal growth rate(%)

Computed WACC: 8.01%

Cost of equity (Re)8.85%(Rf 4.30% + β 0.83 × 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)90.44%

Debt weight (D/V)9.56%

Results

Current Price$182.90

Implied Near-term FCF Growth0.3%

Historical Revenue Growth11.6%

Historical Earnings Growth-9.1%

Base FCF (TTM)$84.04M

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: $2.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.97

Current Price$182.90

Upside / Downside-74.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $97.26M

Target EV/EBITDA multipleCurrent: 13.3×

Net Debt($B)Default: $109.02M

Results

Implied Equity Value / share$180.37

Current Price$182.90

Upside / Downside-1.4%

Implied EV$1.29B

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

Mult \ Net Debt	-$1.89B	-$890.98M	$109.02M	$1.11B	$2.11B
9.3x	$425.85	$273.47	$121.08	$-31.31	$-183.69
11.3x	$455.50	$303.11	$150.72	$-1.66	$-154.05
13.3x	$485.14	$332.75	$180.37	$27.98	$-124.41
15.3x	$514.78	$362.40	$210.01	$57.62	$-94.76
17.3x	$544.43	$392.04	$239.65	$87.27	$-65.12

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