CWAN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.53)
DCF	$348.47	+1380.9%
Graham Number	—	—
Reverse DCF	—	implied g: 20.9%
DDM	—	—
EV/EBITDA	$23.56	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $175.08M

Near-term growth (yrs 1–5)(%)Rev: 72.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.07%

Computed WACC: 7.07%

Cost of equity (Re)7.93%(Rf 4.30% + β 0.66 × 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)89.10%

Debt weight (D/V)10.90%

Results

Intrinsic Value / share$553.54

Current Price$23.53

Upside / Downside+2252.5%

Net Debt (used)$769.09M

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

WACC \ Near-term	64.0%	68.0%	72.0%	76.0%	80.0%
7.0%	$444.97	$501.88	$564.45	$633.09	$708.24
8.0%	$343.65	$387.59	$435.90	$488.89	$546.90
9.0%	$274.73	$309.86	$348.47	$390.82	$437.18
10.0%	$225.17	$253.95	$285.59	$320.30	$358.28
11.0%	$188.05	$212.10	$238.52	$267.50	$299.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.14

Book Value / share($)Yahoo: $6.94

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$23.53

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.07%

Terminal growth rate(%)

Computed WACC: 7.07%

Cost of equity (Re)7.93%(Rf 4.30% + β 0.66 × 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)89.10%

Debt weight (D/V)10.90%

Results

Current Price$23.53

Implied Near-term FCF Growth14.2%

Historical Revenue Growth72.0%

Historical Earnings Growth—

Base FCF (TTM)$175.08M

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$23.53

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $86.56M

Target EV/EBITDA multipleCurrent: 89.0×

Net Debt($B)Default: $769.09M

Results

Implied Equity Value / share$23.56

Current Price$23.53

Upside / Downside+0.1%

Implied EV$7.70B

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

Mult \ Net Debt	-$1.23B	-$230.91M	$769.09M	$1.77B	$2.77B
85.0x	$29.18	$25.78	$22.39	$18.99	$15.59
87.0x	$29.77	$26.37	$22.97	$19.58	$16.18
89.0x	$30.36	$26.96	$23.56	$20.16	$16.77
91.0x	$30.94	$27.55	$24.15	$20.75	$17.36
93.0x	$31.53	$28.14	$24.74	$21.34	$17.94

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