CRBG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($25.97)
DCF	$-35.65	-237.3%
Graham Number	—	—
Reverse DCF	—	—
DDM	$19.98	-23.1%
EV/EBITDA	$28.57	+10.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$426.62M

Near-term growth (yrs 1–5)(%)Rev: 5.7% / EPS: -58.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.86%

Computed WACC: 5.86%

Cost of equity (Re)9.46%(Rf 4.30% + β 0.94 × ERP 5.50%)

Cost of debt (Rd)3.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)45.82%

Debt weight (D/V)54.18%

Results

Intrinsic Value / share$-51.17

Current Price$25.97

Upside / Downside-297.0%

Net Debt (used)$9.37B

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

WACC \ Near-term	-2.3%	1.7%	5.7%	9.7%	13.7%
7.0%	$-35.88	$-39.19	$-43.04	$-47.49	$-52.61
8.0%	$-32.94	$-35.60	$-38.69	$-42.25	$-46.35
9.0%	$-30.90	$-33.11	$-35.68	$-38.64	$-42.03
10.0%	$-29.40	$-31.29	$-33.47	$-35.99	$-38.87
11.0%	$-28.25	$-29.89	$-31.79	$-33.96	$-36.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.68

Book Value / share($)Yahoo: $25.60

Results

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

Graham Number—

Current Price$25.97

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.86%

Terminal growth rate(%)

Computed WACC: 5.86%

Cost of equity (Re)9.46%(Rf 4.30% + β 0.94 × ERP 5.50%)

Cost of debt (Rd)3.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)45.82%

Debt weight (D/V)54.18%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$25.97

Implied Near-term FCF Growth—

Historical Revenue Growth5.7%

Historical Earnings Growth-58.1%

Base FCF (TTM)-$426.62M

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: $0.97

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.98

Current Price$25.97

Upside / Downside-23.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.19B

Target EV/EBITDA multipleCurrent: 19.5×

Net Debt($B)Default: $9.37B

Results

Implied Equity Value / share$28.57

Current Price$25.97

Upside / Downside+10.0%

Implied EV$23.13B

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

Mult \ Net Debt	$5.37B	$7.37B	$9.37B	$11.37B	$13.37B
15.5x	$27.02	$22.87	$18.71	$14.56	$10.41
17.5x	$31.95	$27.79	$23.64	$19.49	$15.34
19.5x	$36.87	$32.72	$28.57	$24.42	$20.27
21.5x	$41.80	$37.65	$33.50	$29.35	$25.19
23.5x	$46.73	$42.58	$38.43	$34.28	$30.12

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