CRL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($178.61)
DCF	$155.06	-13.2%
Graham Number	—	—
Reverse DCF	—	implied g: 6.9%
DDM	—	—
EV/EBITDA	$179.48	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $572.38M

Near-term growth (yrs 1–5)(%)Rev: -0.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.17%

Computed WACC: 10.17%

Cost of equity (Re)13.21%(Rf 4.30% + β 1.62 × 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)76.96%

Debt weight (D/V)23.04%

Results

Intrinsic Value / share$123.55

Current Price$178.61

Upside / Downside-30.8%

Net Debt (used)$2.42B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$156.81	$198.46	$246.90	$302.98	$367.56
8.0%	$120.17	$153.69	$192.62	$237.63	$289.40
9.0%	$94.77	$122.68	$155.06	$192.42	$235.36
10.0%	$76.13	$99.94	$127.52	$159.31	$195.79
11.0%	$61.86	$82.55	$106.47	$134.02	$165.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.54

Book Value / share($)Yahoo: $64.30

Results

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

Graham Number—

Current Price$178.61

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.17%

Terminal growth rate(%)

Computed WACC: 10.17%

Cost of equity (Re)13.21%(Rf 4.30% + β 1.62 × 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)76.96%

Debt weight (D/V)23.04%

Results

Current Price$178.61

Implied Near-term FCF Growth9.9%

Historical Revenue Growth-0.8%

Historical Earnings Growth—

Base FCF (TTM)$572.38M

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$178.61

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $876.57M

Target EV/EBITDA multipleCurrent: 12.8×

Net Debt($B)Default: $2.42B

Results

Implied Equity Value / share$179.48

Current Price$178.61

Upside / Downside+0.5%

Implied EV$11.25B

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

Mult \ Net Debt	$417.69M	$1.42B	$2.42B	$3.42B	$4.42B
8.8x	$148.87	$128.55	$108.23	$87.92	$67.60
10.8x	$184.49	$164.18	$143.86	$123.54	$103.22
12.8x	$220.12	$199.80	$179.48	$159.16	$138.84
14.8x	$255.74	$235.42	$215.10	$194.78	$174.46
16.8x	$291.36	$271.04	$250.72	$230.40	$210.08

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