CTVA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($80.52)
DCF	$78.77	-2.2%
Graham Number	$37.61	-53.3%
Reverse DCF	—	implied g: 5.4%
DDM	$14.83	-81.6%
EV/EBITDA	$80.88	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.93B

Near-term growth (yrs 1–5)(%)Rev: -1.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.24%

Computed WACC: 8.24%

Cost of equity (Re)8.27%(Rf 4.30% + β 0.72 × ERP 5.50%)

Cost of debt (Rd)9.89%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.78%

Debt weight (D/V)5.22%

Results

Intrinsic Value / share$89.02

Current Price$80.52

Upside / Downside+10.6%

Net Debt (used)-$1.53B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$79.43	$95.03	$113.18	$134.18	$158.38
8.0%	$65.70	$78.26	$92.84	$109.70	$129.10
9.0%	$56.19	$66.64	$78.77	$92.77	$108.85
10.0%	$49.20	$58.12	$68.45	$80.36	$94.03
11.0%	$43.86	$51.61	$60.57	$70.89	$82.72

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.75

Book Value / share($)Yahoo: $35.92

Results

Graham Number$37.61

Current Price$80.52

Margin of Safety-53.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.24%

Terminal growth rate(%)

Computed WACC: 8.24%

Cost of equity (Re)8.27%(Rf 4.30% + β 0.72 × ERP 5.50%)

Cost of debt (Rd)9.89%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.78%

Debt weight (D/V)5.22%

Results

Current Price$80.52

Implied Near-term FCF Growth3.3%

Historical Revenue Growth-1.7%

Historical Earnings Growth—

Base FCF (TTM)$2.93B

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: $0.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.83

Current Price$80.52

Upside / Downside-81.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.80B

Target EV/EBITDA multipleCurrent: 13.9×

Net Debt($B)Default: -$1.53B

Results

Implied Equity Value / share$80.88

Current Price$80.52

Upside / Downside+0.4%

Implied EV$52.86B

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

Mult \ Net Debt	-$1.53B	-$1.53B	-$1.53B	-$1.53B	-$1.53B
9.9x	$58.29	$58.29	$58.29	$58.29	$58.29
11.9x	$69.58	$69.58	$69.58	$69.58	$69.58
13.9x	$80.88	$80.88	$80.88	$80.88	$80.88
15.9x	$92.18	$92.18	$92.18	$92.18	$92.18
17.9x	$103.48	$103.48	$103.48	$103.48	$103.48

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