CRTO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.70)
DCF	$66.75	+256.9%
Graham Number	$38.68	+106.8%
Reverse DCF	—	implied g: -20.0%
DDM	—	—
EV/EBITDA	$18.53	-0.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $182.21M

Near-term growth (yrs 1–5)(%)Rev: -2.2% / EPS: -26.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.53%

Computed WACC: 5.53%

Cost of equity (Re)6.40%(Rf 4.30% + β 0.38 × 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)86.47%

Debt weight (D/V)13.53%

Results

Intrinsic Value / share$139.26

Current Price$18.70

Upside / Downside+644.5%

Net Debt (used)-$215.56M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$67.29	$80.04	$94.88	$112.06	$131.84
8.0%	$56.07	$66.33	$78.26	$92.04	$107.90
9.0%	$48.29	$56.84	$66.75	$78.20	$91.35
10.0%	$42.58	$49.87	$58.32	$68.05	$79.23
11.0%	$38.21	$44.54	$51.87	$60.31	$69.98

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.96

Book Value / share($)Yahoo: $22.47

Results

Graham Number$38.68

Current Price$18.70

Margin of Safety+106.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.53%

Terminal growth rate(%)

Computed WACC: 5.53%

Cost of equity (Re)6.40%(Rf 4.30% + β 0.38 × 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)86.47%

Debt weight (D/V)13.53%

Results

Current Price$18.70

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-2.2%

Historical Earnings Growth-26.7%

Base FCF (TTM)$182.21M

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$18.70

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $322.69M

Target EV/EBITDA multipleCurrent: 2.3×

Net Debt($B)Default: -$215.56M

Results

Implied Equity Value / share$18.53

Current Price$18.70

Upside / Downside-0.9%

Implied EV$732.51M

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

Mult \ Net Debt	-$2.22B	-$1.22B	-$215.56M	$784.44M	$1.78B
-1.7x	$32.40	$12.85	$-6.70	$-26.25	$-45.80
0.3x	$45.02	$25.47	$5.92	$-13.63	$-33.18
2.3x	$57.63	$38.08	$18.53	$-1.02	$-20.56
4.3x	$70.25	$50.70	$31.15	$11.60	$-7.95
6.3x	$82.87	$63.32	$43.77	$24.22	$4.67

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