CVE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.88)
DCF	$172290545.40	+753018018.0%
Graham Number	$21.09	-7.8%
Reverse DCF	—	implied g: 7.3%
DDM	$12.15	-46.9%
EV/EBITDA	$22.94	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.72B

Near-term growth (yrs 1–5)(%)Rev: -15.1% / EPS: 596.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Default: 9% (no SEC data)

Results

Intrinsic Value / share$172290545.40

Current Price$22.88

Upside / Downside+753018018.0%

Net Debt (used)$11.47B

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

WACC \ Near-term	588.6%	592.6%	596.6%	600.6%	604.6%
7.0%	$275597510.83	$283695602.34	$291982946.85	$300462842.30	$309138624.71
8.0%	$208092992.45	$214207542.98	$220464990.92	$226867826.41	$233418568.34
9.0%	$162621995.31	$167400434.20	$172290545.40	$177294274.94	$182413591.29
10.0%	$130268058.40	$134095815.15	$138013026.67	$142021251.81	$146122067.41
11.0%	$106320002.54	$109444074.16	$112641155.35	$115912518.38	$119259450.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.61

Book Value / share($)Yahoo: $12.27

Results

Graham Number$21.09

Current Price$22.88

Margin of Safety-7.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Default: 9% (no SEC data)

Terminal growth rate(%)

Results

Current Price$22.88

Implied Near-term FCF Growth7.3%

Historical Revenue Growth-15.1%

Historical Earnings Growth596.6%

Base FCF (TTM)$2.72B

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: $0.59

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.15

Current Price$22.88

Upside / Downside-46.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $9.53B

Target EV/EBITDA multipleCurrent: 5.7×

Net Debt($B)Default: $11.47B

Results

Implied Equity Value / share$22.94

Current Price$22.88

Upside / Downside+0.2%

Implied EV$54.57B

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

Mult \ Net Debt	$5.47B	$8.47B	$11.47B	$14.47B	$17.47B
1.7x	$5.85	$4.26	$2.66	$1.07	$-0.53
3.7x	$15.99	$14.39	$12.80	$11.20	$9.61
5.7x	$26.13	$24.53	$22.94	$21.34	$19.74
7.7x	$36.27	$34.67	$33.07	$31.48	$29.88
9.7x	$46.40	$44.81	$43.21	$41.61	$40.02

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