CSTM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.06)
DCF	$49.01	+88.1%
Graham Number	$11.25	-56.8%
Reverse DCF	—	implied g: 19.8%
DDM	—	—
EV/EBITDA	$26.13	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $132.38M

Near-term growth (yrs 1–5)(%)Rev: 27.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.52%

Computed WACC: 9.52%

Cost of equity (Re)12.38%(Rf 4.30% + β 1.47 × ERP 5.50%)

Cost of debt (Rd)5.76%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)63.51%

Debt weight (D/V)36.49%

Results

Intrinsic Value / share$43.50

Current Price$26.06

Upside / Downside+66.9%

Net Debt (used)$1.94B

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

WACC \ Near-term	19.9%	23.9%	27.9%	31.9%	35.9%
7.0%	$57.10	$69.39	$83.34	$99.11	$116.88
8.0%	$42.39	$52.06	$63.04	$75.44	$89.41
9.0%	$32.31	$40.19	$49.12	$59.22	$70.58
10.0%	$24.98	$31.57	$39.03	$47.45	$56.93
11.0%	$19.45	$25.05	$31.40	$38.56	$46.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.80

Book Value / share($)Yahoo: $7.03

Results

Graham Number$11.25

Current Price$26.06

Margin of Safety-56.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.52%

Terminal growth rate(%)

Computed WACC: 9.52%

Cost of equity (Re)12.38%(Rf 4.30% + β 1.47 × ERP 5.50%)

Cost of debt (Rd)5.76%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)63.51%

Debt weight (D/V)36.49%

Results

Current Price$26.06

Implied Near-term FCF Growth21.4%

Historical Revenue Growth27.9%

Historical Earnings Growth—

Base FCF (TTM)$132.38M

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$26.06

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $868.00M

Target EV/EBITDA multipleCurrent: 6.3×

Net Debt($B)Default: $1.94B

Results

Implied Equity Value / share$26.13

Current Price$26.06

Upside / Downside+0.3%

Implied EV$5.48B

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

Mult \ Net Debt	$1.94B	$1.94B	$1.94B	$1.94B	$1.94B
2.3x	$0.50	$0.50	$0.50	$0.50	$0.50
4.3x	$13.32	$13.32	$13.32	$13.32	$13.32
6.3x	$26.13	$26.13	$26.13	$26.13	$26.13
8.3x	$38.95	$38.95	$38.95	$38.95	$38.95
10.3x	$51.77	$51.77	$51.77	$51.77	$51.77

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