CRS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($398.14)
DCF	$285.65	-28.3%
Graham Number	$87.93	-77.9%
Reverse DCF	—	implied g: 31.8%
DDM	$16.48	-95.9%
EV/EBITDA	$408.51	+2.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $253.12M

Near-term growth (yrs 1–5)(%)Rev: 7.5% / EPS: 25.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.79%

Computed WACC: 10.79%

Cost of equity (Re)11.17%(Rf 4.30% + β 1.25 × 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)96.60%

Debt weight (D/V)3.40%

Results

Intrinsic Value / share$211.07

Current Price$398.14

Upside / Downside-47.0%

Net Debt (used)$466.80M

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

WACC \ Near-term	17.9%	21.9%	25.9%	29.9%	33.9%
7.0%	$320.67	$378.26	$443.76	$517.97	$601.73
8.0%	$253.28	$298.68	$350.28	$408.71	$474.64
9.0%	$207.03	$244.08	$286.16	$333.79	$387.50
10.0%	$173.44	$204.43	$239.62	$279.42	$324.27
11.0%	$148.03	$174.44	$204.42	$238.30	$276.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.62

Book Value / share($)Yahoo: $39.86

Results

Graham Number$87.93

Current Price$398.14

Margin of Safety-77.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.79%

Terminal growth rate(%)

Computed WACC: 10.79%

Cost of equity (Re)11.17%(Rf 4.30% + β 1.25 × 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)96.60%

Debt weight (D/V)3.40%

Results

Current Price$398.14

Implied Near-term FCF Growth37.6%

Historical Revenue Growth7.5%

Historical Earnings Growth25.9%

Base FCF (TTM)$253.12M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$398.14

Upside / Downside-95.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $713.70M

Target EV/EBITDA multipleCurrent: 29.2×

Net Debt($B)Default: $466.80M

Results

Implied Equity Value / share$408.51

Current Price$398.14

Upside / Downside+2.6%

Implied EV$20.81B

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

Mult \ Net Debt	-$1.53B	-$533.20M	$466.80M	$1.47B	$2.47B
25.2x	$391.34	$371.27	$351.19	$331.12	$311.04
27.2x	$420.00	$399.92	$379.85	$359.77	$339.70
29.2x	$448.66	$428.58	$408.51	$388.43	$368.35
31.2x	$477.32	$457.24	$437.16	$417.09	$397.01
33.2x	$505.97	$485.90	$465.82	$445.74	$425.67

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