CTS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($51.95)
DCF	$1572.07	+2926.1%
Graham Number	$30.54	-41.2%
Reverse DCF	—	implied g: 10.1%
DDM	$3.30	-93.7%
EV/EBITDA	$51.95	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $62.97M

Near-term growth (yrs 1–5)(%)Rev: 8.5% / EPS: 76.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.70%

Computed WACC: 8.70%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × 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)94.80%

Debt weight (D/V)5.20%

Results

Intrinsic Value / share$1673.41

Current Price$51.95

Upside / Downside+3121.2%

Net Debt (used)$44,000

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

WACC \ Near-term	68.3%	72.3%	76.3%	80.3%	84.3%
7.0%	$2017.52	$2267.38	$2541.47	$2841.50	$3169.28
8.0%	$1558.72	$1751.45	$1962.84	$2194.22	$2446.98
9.0%	$1246.81	$1400.70	$1569.48	$1754.20	$1955.97
10.0%	$1022.60	$1148.58	$1286.74	$1437.94	$1603.08
11.0%	$854.81	$959.91	$1075.16	$1201.28	$1339.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.16

Book Value / share($)Yahoo: $19.19

Results

Graham Number$30.54

Current Price$51.95

Margin of Safety-41.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.70%

Terminal growth rate(%)

Computed WACC: 8.70%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × 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)94.80%

Debt weight (D/V)5.20%

Results

Current Price$51.95

Implied Near-term FCF Growth9.3%

Historical Revenue Growth8.5%

Historical Earnings Growth76.3%

Base FCF (TTM)$62.97M

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: $0.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$3.30

Current Price$51.95

Upside / Downside-93.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $118.35M

Target EV/EBITDA multipleCurrent: 12.6×

Net Debt($B)Default: $44,000

Results

Implied Equity Value / share$51.95

Current Price$51.95

Upside / Downside-0.0%

Implied EV$1.49B

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

Mult \ Net Debt	-$2.00B	-$999.96M	$44,000	$1.00B	$2.00B
8.6x	$105.15	$70.30	$35.45	$0.60	$-34.24
10.6x	$113.40	$78.55	$43.70	$8.85	$-26.00
12.6x	$121.65	$86.80	$51.95	$17.10	$-17.75
14.6x	$129.90	$95.05	$60.20	$25.35	$-9.50
16.6x	$138.14	$103.30	$68.45	$33.60	$-1.25

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