CRI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($34.95)
DCF	$-0.22	-100.6%
Graham Number	$37.49	+7.3%
Reverse DCF	—	implied g: 25.6%
DDM	$20.60	-41.1%
EV/EBITDA	$34.93	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $35.08M

Near-term growth (yrs 1–5)(%)Rev: 7.6% / EPS: 3.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.64%

Computed WACC: 7.64%

Cost of equity (Re)10.09%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)6.43%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.24%

Debt weight (D/V)48.76%

Results

Intrinsic Value / share$5.20

Current Price$34.95

Upside / Downside-85.1%

Net Debt (used)$725.05M

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

WACC \ Near-term	-0.4%	3.6%	7.6%	11.6%	15.6%
7.0%	$0.24	$4.25	$8.89	$14.25	$20.40
8.0%	$-3.43	$-0.22	$3.50	$7.79	$12.71
9.0%	$-5.97	$-3.30	$-0.22	$3.33	$7.40
10.0%	$-7.83	$-5.56	$-2.94	$0.07	$3.52
11.0%	$-9.25	$-7.28	$-5.02	$-2.42	$0.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.46

Book Value / share($)Yahoo: $25.39

Results

Graham Number$37.49

Current Price$34.95

Margin of Safety+7.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.64%

Terminal growth rate(%)

Computed WACC: 7.64%

Cost of equity (Re)10.09%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)6.43%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.24%

Debt weight (D/V)48.76%

Results

Current Price$34.95

Implied Near-term FCF Growth20.8%

Historical Revenue Growth7.6%

Historical Earnings Growth3.0%

Base FCF (TTM)$35.08M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$34.95

Upside / Downside-41.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $208.30M

Target EV/EBITDA multipleCurrent: 9.6×

Net Debt($B)Default: $725.05M

Results

Implied Equity Value / share$34.93

Current Price$34.95

Upside / Downside-0.1%

Implied EV$2.00B

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

Mult \ Net Debt	-$1.27B	-$274.95M	$725.05M	$1.73B	$2.73B
5.6x	$66.94	$39.51	$12.07	$-15.37	$-42.80
7.6x	$78.37	$50.94	$23.50	$-3.94	$-31.37
9.6x	$89.80	$62.37	$34.93	$7.49	$-19.94
11.6x	$101.23	$73.80	$46.36	$18.92	$-8.51
13.6x	$112.66	$85.23	$57.79	$30.35	$2.92

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