CTAS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($201.60)
DCF	$88.79	-56.0%
Graham Number	$34.03	-83.1%
Reverse DCF	—	implied g: 24.6%
DDM	$37.08	-81.6%
EV/EBITDA	$201.60	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.55B

Near-term growth (yrs 1–5)(%)Rev: 9.3% / EPS: 11.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.13%

Computed WACC: 9.13%

Cost of equity (Re)9.49%(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)96.16%

Debt weight (D/V)3.84%

Results

Intrinsic Value / share$86.76

Current Price$201.60

Upside / Downside-57.0%

Net Debt (used)$3.04B

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

WACC \ Near-term	3.0%	7.0%	11.0%	15.0%	19.0%
7.0%	$92.85	$112.37	$134.92	$160.84	$190.51
8.0%	$74.03	$89.62	$107.62	$128.29	$151.93
9.0%	$61.03	$73.93	$88.79	$105.85	$125.33
10.0%	$51.53	$62.45	$75.04	$89.46	$105.92
11.0%	$44.28	$53.71	$64.56	$76.98	$91.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.62

Book Value / share($)Yahoo: $11.14

Results

Graham Number$34.03

Current Price$201.60

Margin of Safety-83.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.13%

Terminal growth rate(%)

Computed WACC: 9.13%

Cost of equity (Re)9.49%(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)96.16%

Debt weight (D/V)3.84%

Results

Current Price$201.60

Implied Near-term FCF Growth25.0%

Historical Revenue Growth9.3%

Historical Earnings Growth11.0%

Base FCF (TTM)$1.55B

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: $1.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.08

Current Price$201.60

Upside / Downside-81.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.85B

Target EV/EBITDA multipleCurrent: 29.4×

Net Debt($B)Default: $3.04B

Results

Implied Equity Value / share$201.60

Current Price$201.60

Upside / Downside+0.0%

Implied EV$83.66B

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

Mult \ Net Debt	$1.04B	$2.04B	$3.04B	$4.04B	$5.04B
25.4x	$178.11	$175.61	$173.10	$170.60	$168.10
27.4x	$192.36	$189.85	$187.35	$184.85	$182.35
29.4x	$206.60	$204.10	$201.60	$199.10	$196.60
31.4x	$220.85	$218.35	$215.85	$213.35	$210.85
33.4x	$235.10	$232.60	$230.10	$227.60	$225.10

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