CTO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.64)
DCF	$-0.62	-103.1%
Graham Number	$5.62	-71.4%
Reverse DCF	—	implied g: 20.3%
DDM	$31.31	+59.4%
EV/EBITDA	$19.64	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $29.39M

Near-term growth (yrs 1–5)(%)Rev: 7.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.76%

Computed WACC: 5.76%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)4.74%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.77%

Debt weight (D/V)49.23%

Results

Intrinsic Value / share$18.04

Current Price$19.64

Upside / Downside-8.1%

Net Debt (used)$610.51M

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

WACC \ Near-term	-0.7%	3.3%	7.3%	11.3%	15.3%
7.0%	$-0.26	$3.43	$7.70	$12.64	$18.30
8.0%	$-3.62	$-0.66	$2.77	$6.72	$11.25
9.0%	$-5.94	$-3.49	$-0.65	$2.63	$6.38
10.0%	$-7.65	$-5.56	$-3.14	$-0.37	$2.81
11.0%	$-8.95	$-7.14	$-5.05	$-2.65	$0.10

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.08

Book Value / share($)Yahoo: $17.52

Results

Graham Number$5.62

Current Price$19.64

Margin of Safety-71.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.76%

Terminal growth rate(%)

Computed WACC: 5.76%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)4.74%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.77%

Debt weight (D/V)49.23%

Results

Current Price$19.64

Implied Near-term FCF Growth7.9%

Historical Revenue Growth7.3%

Historical Earnings Growth—

Base FCF (TTM)$29.39M

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: $1.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$31.31

Current Price$19.64

Upside / Downside+59.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $92.02M

Target EV/EBITDA multipleCurrent: 13.6×

Net Debt($B)Default: $610.51M

Results

Implied Equity Value / share$19.64

Current Price$19.64

Upside / Downside+0.0%

Implied EV$1.25B

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

Mult \ Net Debt	-$1.39B	-$389.49M	$610.51M	$1.61B	$2.61B
9.6x	$69.76	$39.05	$8.34	$-22.38	$-53.09
11.6x	$75.41	$44.70	$13.99	$-16.72	$-47.44
13.6x	$81.07	$50.35	$19.64	$-11.07	$-41.78
15.6x	$86.72	$56.01	$25.29	$-5.42	$-36.13
17.6x	$92.37	$61.66	$30.95	$0.23	$-30.48

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