CSGP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.17)
DCF	$21.96	-51.4%
Graham Number	$5.19	-88.5%
Reverse DCF	—	implied g: 40.9%
DDM	—	—
EV/EBITDA	$44.29	-1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $143.75M

Near-term growth (yrs 1–5)(%)Rev: 26.9% / EPS: -25.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.69%

Computed WACC: 8.69%

Cost of equity (Re)8.97%(Rf 4.30% + β 0.85 × ERP 5.50%)

Cost of debt (Rd)4.91%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)94.36%

Debt weight (D/V)5.64%

Results

Intrinsic Value / share$23.25

Current Price$45.17

Upside / Downside-48.5%

Net Debt (used)-$489.00M

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

WACC \ Near-term	18.9%	22.9%	26.9%	30.9%	34.9%
7.0%	$24.53	$28.57	$33.18	$38.38	$44.25
8.0%	$19.73	$22.92	$26.54	$30.64	$35.26
9.0%	$16.45	$19.05	$22.00	$25.34	$29.10
10.0%	$14.06	$16.23	$18.70	$21.49	$24.62
11.0%	$12.25	$14.11	$16.20	$18.58	$21.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.06

Book Value / share($)Yahoo: $19.94

Results

Graham Number$5.19

Current Price$45.17

Margin of Safety-88.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.69%

Terminal growth rate(%)

Computed WACC: 8.69%

Cost of equity (Re)8.97%(Rf 4.30% + β 0.85 × ERP 5.50%)

Cost of debt (Rd)4.91%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)94.36%

Debt weight (D/V)5.64%

Results

Current Price$45.17

Implied Near-term FCF Growth39.7%

Historical Revenue Growth26.9%

Historical Earnings Growth-25.9%

Base FCF (TTM)$143.75M

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$45.17

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $209.00M

Target EV/EBITDA multipleCurrent: 87.5×

Net Debt($B)Default: -$489.00M

Results

Implied Equity Value / share$44.29

Current Price$45.17

Upside / Downside-1.9%

Implied EV$18.28B

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

Mult \ Net Debt	-$2.49B	-$1.49B	-$489.00M	$511.00M	$1.51B
83.5x	$47.04	$44.68	$42.32	$39.96	$37.60
85.5x	$48.03	$45.67	$43.31	$40.95	$38.59
87.5x	$49.01	$46.65	$44.29	$41.93	$39.57
89.5x	$50.00	$47.64	$45.28	$42.92	$40.56
91.5x	$50.98	$48.62	$46.27	$43.91	$41.55

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