CRCT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.30)
DCF	$5046.04	+117249.8%
Graham Number	$3.75	-12.8%
Reverse DCF	—	implied g: -20.0%
DDM	$4.12	-4.2%
EV/EBITDA	$17.10	+297.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $180.21M

Near-term growth (yrs 1–5)(%)Rev: 1.5% / EPS: 93.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.73%

Computed WACC: 4.73%

Cost of equity (Re)4.77%(Rf 4.30% + β 0.09 × ERP 5.50%)

Cost of debt (Rd)2.61%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.65%

Debt weight (D/V)1.35%

Results

Intrinsic Value / share$19232.81

Current Price$4.30

Upside / Downside+447174.6%

Net Debt (used)-$194.59M

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

WACC \ Near-term	85.3%	89.3%	93.3%	97.3%	101.3%
7.0%	$6685.11	$7435.31	$8251.51	$9137.98	$10099.17
8.0%	$5143.19	$5719.69	$6346.87	$7028.03	$7766.56
9.0%	$4096.53	$4555.13	$5054.04	$5595.84	$6183.26
10.0%	$3345.46	$3719.49	$4126.36	$4568.19	$5047.20
11.0%	$2784.43	$3095.29	$3433.43	$3800.60	$4198.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.37

Book Value / share($)Yahoo: $1.69

Results

Graham Number$3.75

Current Price$4.30

Margin of Safety-12.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.73%

Terminal growth rate(%)

Computed WACC: 4.73%

Cost of equity (Re)4.77%(Rf 4.30% + β 0.09 × ERP 5.50%)

Cost of debt (Rd)2.61%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.65%

Debt weight (D/V)1.35%

Results

Current Price$4.30

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth1.5%

Historical Earnings Growth93.3%

Base FCF (TTM)$180.21M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$4.30

Upside / Downside-4.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $99.99M

Target EV/EBITDA multipleCurrent: 7.2×

Net Debt($B)Default: -$194.59M

Results

Implied Equity Value / share$17.10

Current Price$4.30

Upside / Downside+297.6%

Implied EV$715.96M

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

Mult \ Net Debt	-$2.19B	-$1.19B	-$194.59M	$805.41M	$1.81B
3.2x	$47.14	$28.36	$9.59	$-9.19	$-27.97
5.2x	$50.90	$32.12	$13.34	$-5.44	$-24.21
7.2x	$54.65	$35.88	$17.10	$-1.68	$-20.46
9.2x	$58.41	$39.63	$20.85	$2.08	$-16.70
11.2x	$62.16	$43.39	$24.61	$5.83	$-12.95

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