CRK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.65)
DCF	$-3941.08	-19185.1%
Graham Number	$17.05	-17.4%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$21.31	+3.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$335.56M

Near-term growth (yrs 1–5)(%)Rev: 114.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.48%

Computed WACC: 4.48%

Cost of equity (Re)6.62%(Rf 4.30% + β 0.42 × 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)67.65%

Debt weight (D/V)32.35%

Results

Intrinsic Value / share$-17401.25

Current Price$20.65

Upside / Downside-84367.6%

Net Debt (used)$2.88B

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

WACC \ Near-term	106.3%	110.3%	114.3%	118.3%	122.3%
7.0%	$-5351.20	$-5888.40	$-6467.99	$-7092.46	$-7764.35
8.0%	$-4103.09	$-4514.52	$-4958.43	$-5436.68	$-5951.24
9.0%	$-3257.04	$-3583.24	$-3935.17	$-4314.33	$-4722.25
10.0%	$-2650.88	$-2916.01	$-3202.05	$-3510.21	$-3841.75
11.0%	$-2198.83	$-2418.44	$-2655.35	$-2910.57	$-3185.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.43

Book Value / share($)Yahoo: $9.03

Results

Graham Number$17.05

Current Price$20.65

Margin of Safety-17.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.48%

Terminal growth rate(%)

Computed WACC: 4.48%

Cost of equity (Re)6.62%(Rf 4.30% + β 0.42 × 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)67.65%

Debt weight (D/V)32.35%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$20.65

Implied Near-term FCF Growth—

Historical Revenue Growth114.3%

Historical Earnings Growth—

Base FCF (TTM)-$335.56M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$20.65

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.32B

Target EV/EBITDA multipleCurrent: 6.9×

Net Debt($B)Default: $2.88B

Results

Implied Equity Value / share$21.31

Current Price$20.65

Upside / Downside+3.2%

Implied EV$9.14B

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

Mult \ Net Debt	$879.77M	$1.88B	$2.88B	$3.88B	$4.88B
2.9x	$10.20	$6.80	$3.40	$0.00	$-3.40
4.9x	$19.16	$15.75	$12.35	$8.95	$5.55
6.9x	$28.11	$24.71	$21.31	$17.90	$14.50
8.9x	$37.06	$33.66	$30.26	$26.86	$23.46
10.9x	$46.01	$42.61	$39.21	$35.81	$32.41

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