CSL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($393.73)
DCF	$275.17	-30.1%
Graham Number	$130.21	-66.9%
Reverse DCF	—	implied g: 10.4%
DDM	$88.58	-77.5%
EV/EBITDA	$392.82	-0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $749.57M

Near-term growth (yrs 1–5)(%)Rev: 0.4% / EPS: -14.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.00%

Computed WACC: 8.00%

Cost of equity (Re)9.46%(Rf 4.30% + β 0.94 × 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)84.48%

Debt weight (D/V)15.52%

Results

Intrinsic Value / share$334.39

Current Price$393.73

Upside / Downside-15.1%

Net Debt (used)$1.91B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$277.93	$343.58	$419.96	$508.36	$610.17
8.0%	$220.16	$273.00	$334.39	$405.33	$486.95
9.0%	$180.13	$224.13	$275.17	$334.07	$401.76
10.0%	$150.75	$188.28	$231.76	$281.87	$339.39
11.0%	$128.25	$160.86	$198.57	$241.99	$291.77

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $17.17

Book Value / share($)Yahoo: $43.89

Results

Graham Number$130.21

Current Price$393.73

Margin of Safety-66.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.00%

Terminal growth rate(%)

Computed WACC: 8.00%

Cost of equity (Re)9.46%(Rf 4.30% + β 0.94 × 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)84.48%

Debt weight (D/V)15.52%

Results

Current Price$393.73

Implied Near-term FCF Growth7.4%

Historical Revenue Growth0.4%

Historical Earnings Growth-14.6%

Base FCF (TTM)$749.57M

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: $4.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$88.58

Current Price$393.73

Upside / Downside-77.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.20B

Target EV/EBITDA multipleCurrent: 15.0×

Net Debt($B)Default: $1.91B

Results

Implied Equity Value / share$392.82

Current Price$393.73

Upside / Downside-0.2%

Implied EV$17.97B

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

Mult \ Net Debt	$1.91B	$1.91B	$1.91B	$1.91B	$1.91B
11.0x	$275.46	$275.46	$275.46	$275.46	$275.46
13.0x	$334.14	$334.14	$334.14	$334.14	$334.14
15.0x	$392.82	$392.82	$392.82	$392.82	$392.82
17.0x	$451.51	$451.51	$451.51	$451.51	$451.51
19.0x	$510.19	$510.19	$510.19	$510.19	$510.19

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