CROX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($85.19)
DCF	$125.64	+47.5%
Graham Number	—	—
Reverse DCF	—	implied g: -0.1%
DDM	—	—
EV/EBITDA	$86.84	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $443.98M

Near-term growth (yrs 1–5)(%)Rev: -3.2% / EPS: -68.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.35%

Computed WACC: 9.35%

Cost of equity (Re)12.76%(Rf 4.30% + β 1.54 × 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)73.27%

Debt weight (D/V)26.73%

Results

Intrinsic Value / share$117.62

Current Price$85.19

Upside / Downside+38.1%

Net Debt (used)$1.48B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$126.97	$158.62	$195.44	$238.05	$287.13
8.0%	$99.12	$124.60	$154.19	$188.39	$227.73
9.0%	$79.83	$101.04	$125.64	$154.03	$186.66
10.0%	$65.66	$83.75	$104.71	$128.87	$156.60
11.0%	$54.81	$70.53	$88.71	$109.65	$133.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.50

Book Value / share($)Yahoo: $25.75

Results

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

Graham Number—

Current Price$85.19

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.35%

Terminal growth rate(%)

Computed WACC: 9.35%

Cost of equity (Re)12.76%(Rf 4.30% + β 1.54 × 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)73.27%

Debt weight (D/V)26.73%

Results

Current Price$85.19

Implied Near-term FCF Growth0.7%

Historical Revenue Growth-3.2%

Historical Earnings Growth-68.0%

Base FCF (TTM)$443.98M

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$85.19

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $968.01M

Target EV/EBITDA multipleCurrent: 6.0×

Net Debt($B)Default: $1.48B

Results

Implied Equity Value / share$86.84

Current Price$85.19

Upside / Downside+1.9%

Implied EV$5.85B

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

Mult \ Net Debt	$1.48B	$1.48B	$1.48B	$1.48B	$1.48B
2.0x	$9.76	$9.76	$9.76	$9.76	$9.76
4.0x	$48.30	$48.30	$48.30	$48.30	$48.30
6.0x	$86.84	$86.84	$86.84	$86.84	$86.84
8.0x	$125.38	$125.38	$125.38	$125.38	$125.38
10.0x	$163.92	$163.92	$163.92	$163.92	$163.92

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