CUZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.20)
DCF	$-7.07	-130.5%
Graham Number	$12.27	-47.1%
Reverse DCF	—	implied g: 34.8%
DDM	$26.37	+13.7%
EV/EBITDA	$23.33	+0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $77.22M

Near-term growth (yrs 1–5)(%)Rev: 13.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.64%

Computed WACC: 7.64%

Cost of equity (Re)10.89%(Rf 4.30% + β 1.20 × ERP 5.50%)

Cost of debt (Rd)4.95%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.48%

Debt weight (D/V)46.52%

Results

Intrinsic Value / share$-3.24

Current Price$23.20

Upside / Downside-113.9%

Net Debt (used)$3.39B

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

WACC \ Near-term	5.3%	9.3%	13.3%	17.3%	21.3%
7.0%	$-6.33	$-3.68	$-0.64	$2.86	$6.85
8.0%	$-8.96	$-6.86	$-4.43	$-1.65	$1.52
9.0%	$-10.78	$-9.04	$-7.04	$-4.75	$-2.15
10.0%	$-12.11	$-10.64	$-8.95	$-7.02	$-4.82
11.0%	$-13.12	$-11.85	$-10.40	$-8.74	$-6.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.24

Book Value / share($)Yahoo: $27.86

Results

Graham Number$12.27

Current Price$23.20

Margin of Safety-47.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.64%

Terminal growth rate(%)

Computed WACC: 7.64%

Cost of equity (Re)10.89%(Rf 4.30% + β 1.20 × ERP 5.50%)

Cost of debt (Rd)4.95%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.48%

Debt weight (D/V)46.52%

Results

Current Price$23.20

Implied Near-term FCF Growth29.6%

Historical Revenue Growth13.3%

Historical Earnings Growth—

Base FCF (TTM)$77.22M

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$23.20

Upside / Downside+13.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $631.97M

Target EV/EBITDA multipleCurrent: 11.6×

Net Debt($B)Default: $3.39B

Results

Implied Equity Value / share$23.33

Current Price$23.20

Upside / Downside+0.6%

Implied EV$7.30B

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

Mult \ Net Debt	$1.39B	$2.39B	$3.39B	$4.39B	$5.39B
7.6x	$20.19	$14.24	$8.29	$2.33	$-3.62
9.6x	$27.72	$21.76	$15.81	$9.86	$3.90
11.6x	$35.24	$29.29	$23.33	$17.38	$11.43
13.6x	$42.76	$36.81	$30.86	$24.91	$18.95
15.6x	$50.29	$44.34	$38.38	$32.43	$26.48

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