CVNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($314.29)
DCF	$11946164063.03	+3800999060.7%
Graham Number	$67.90	-78.4%
Reverse DCF	—	implied g: 44.7%
DDM	—	—
EV/EBITDA	$400.88	+27.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $249.88M

Near-term growth (yrs 1–5)(%)Rev: 58.0% / EPS: 946.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 22.66%

Computed WACC: 22.66%

Cost of equity (Re)24.50%(Rf 4.30% + β 3.67 × 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)92.49%

Debt weight (D/V)7.51%

Results

Intrinsic Value / share$1371874691.60

Current Price$314.29

Upside / Downside+436499392.5%

Net Debt (used)$2.78B

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

WACC \ Near-term	938.7%	942.7%	946.7%	950.7%	954.7%
7.0%	$19542314709.65	$19921508015.29	$20306564814.26	$20697552845.91	$21094540369.32
8.0%	$14736625853.61	$15022570971.98	$15312937679.98	$15607777059.04	$15907140582.49
9.0%	$11501559546.98	$11724732381.61	$11951356153.35	$12181470729.95	$12415116285.03
10.0%	$9201299480.93	$9379838740.40	$9561138764.70	$9745231448.17	$9932148929.91
11.0%	$7499924587.63	$7645450865.73	$7793227426.46	$7943280266.75	$8095635582.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.47

Book Value / share($)Yahoo: $24.19

Results

Graham Number$67.90

Current Price$314.29

Margin of Safety-78.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 22.66%

Terminal growth rate(%)

Computed WACC: 22.66%

Cost of equity (Re)24.50%(Rf 4.30% + β 3.67 × 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)92.49%

Debt weight (D/V)7.51%

Results

Current Price$314.29

Implied Near-term FCF Growth83.7%

Historical Revenue Growth58.0%

Historical Earnings Growth946.7%

Base FCF (TTM)$249.88M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$314.29

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.16B

Target EV/EBITDA multipleCurrent: 23.0×

Net Debt($B)Default: $2.78B

Results

Implied Equity Value / share$400.88

Current Price$314.29

Upside / Downside+27.6%

Implied EV$49.66B

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

Mult \ Net Debt	$782.00M	$1.78B	$2.78B	$3.78B	$4.78B
19.0x	$344.13	$335.58	$327.03	$318.48	$309.93
21.0x	$381.06	$372.51	$363.96	$355.40	$346.85
23.0x	$417.98	$409.43	$400.88	$392.33	$383.78
25.0x	$454.90	$446.35	$437.80	$429.25	$420.70
27.0x	$491.83	$483.27	$474.72	$466.17	$457.62

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