CSGS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($79.83)
DCF	$118.14	+48.0%
Graham Number	$21.41	-73.2%
Reverse DCF	—	implied g: -0.8%
DDM	$28.02	-64.9%
EV/EBITDA	$78.00	-2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $213.51M

Near-term growth (yrs 1–5)(%)Rev: 2.0% / EPS: -79.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.30%

Computed WACC: 7.30%

Cost of equity (Re)9.15%(Rf 4.30% + β 0.88 × 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)79.79%

Debt weight (D/V)20.21%

Results

Intrinsic Value / share$165.50

Current Price$79.83

Upside / Downside+107.3%

Net Debt (used)$396.83M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$119.28	$146.23	$177.58	$213.86	$255.66
8.0%	$95.56	$117.25	$142.45	$171.57	$205.08
9.0%	$79.13	$97.19	$118.14	$142.32	$170.11
10.0%	$67.07	$82.48	$100.32	$120.89	$144.50
11.0%	$57.83	$71.22	$86.70	$104.53	$124.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.98

Book Value / share($)Yahoo: $10.29

Results

Graham Number$21.41

Current Price$79.83

Margin of Safety-73.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.30%

Terminal growth rate(%)

Computed WACC: 7.30%

Cost of equity (Re)9.15%(Rf 4.30% + β 0.88 × 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)79.79%

Debt weight (D/V)20.21%

Results

Current Price$79.83

Implied Near-term FCF Growth-5.4%

Historical Revenue Growth2.0%

Historical Earnings Growth-79.9%

Base FCF (TTM)$213.51M

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: $1.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.02

Current Price$79.83

Upside / Downside-64.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $193.35M

Target EV/EBITDA multipleCurrent: 13.5×

Net Debt($B)Default: $396.83M

Results

Implied Equity Value / share$78.00

Current Price$79.83

Upside / Downside-2.3%

Implied EV$2.61B

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

Mult \ Net Debt	-$1.60B	-$603.17M	$396.83M	$1.40B	$2.40B
9.5x	$121.24	$85.99	$50.74	$15.49	$-19.75
11.5x	$134.87	$99.62	$64.37	$29.13	$-6.12
13.5x	$148.50	$113.25	$78.00	$42.76	$7.51
15.5x	$162.13	$126.88	$91.63	$56.39	$21.14
17.5x	$175.76	$140.51	$105.27	$70.02	$34.77

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