CRC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($61.51)
DCF	$92.22	+49.9%
Graham Number	$63.52	+3.3%
Reverse DCF	—	implied g: -1.1%
DDM	$33.37	-45.7%
EV/EBITDA	$55.16	-10.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $520.62M

Near-term growth (yrs 1–5)(%)Rev: -11.9% / EPS: -79.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.91%

Computed WACC: 9.91%

Cost of equity (Re)10.51%(Rf 4.30% + β 1.13 × ERP 5.50%)

Cost of debt (Rd)8.78%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.32%

Debt weight (D/V)16.68%

Results

Intrinsic Value / share$79.51

Current Price$61.51

Upside / Downside+29.3%

Net Debt (used)$904.00M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$93.10	$113.97	$138.25	$166.36	$198.73
8.0%	$74.73	$91.53	$111.05	$133.60	$159.55
9.0%	$62.00	$75.99	$92.22	$110.95	$132.47
10.0%	$52.66	$64.59	$78.42	$94.35	$112.64
11.0%	$45.51	$55.88	$67.87	$81.67	$97.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.36

Book Value / share($)Yahoo: $41.13

Results

Graham Number$63.52

Current Price$61.51

Margin of Safety+3.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.91%

Terminal growth rate(%)

Computed WACC: 9.91%

Cost of equity (Re)10.51%(Rf 4.30% + β 1.13 × ERP 5.50%)

Cost of debt (Rd)8.78%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.32%

Debt weight (D/V)16.68%

Results

Current Price$61.51

Implied Near-term FCF Growth1.1%

Historical Revenue Growth-11.9%

Historical Earnings Growth-79.9%

Base FCF (TTM)$520.62M

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: $1.62

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$33.37

Current Price$61.51

Upside / Downside-45.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.17B

Target EV/EBITDA multipleCurrent: 5.0×

Net Debt($B)Default: $904.00M

Results

Implied Equity Value / share$55.16

Current Price$61.51

Upside / Downside-10.3%

Implied EV$5.83B

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

Mult \ Net Debt	-$1.10B	-$96.00M	$904.00M	$1.90B	$2.90B
1.0x	$25.33	$14.13	$2.93	$-8.26	$-19.46
3.0x	$51.44	$40.24	$29.04	$17.85	$6.65
5.0x	$77.55	$66.35	$55.16	$43.96	$32.76
7.0x	$103.66	$92.46	$81.27	$70.07	$58.87
9.0x	$129.77	$118.57	$107.38	$96.18	$84.98

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