CWEN-A — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($35.19)
DCF	$1.12	-96.8%
Graham Number	$22.76	-35.3%
Reverse DCF	—	implied g: 23.2%
DDM	$37.08	+5.4%
EV/EBITDA	$239.95	+581.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $207.88M

Near-term growth (yrs 1–5)(%)Rev: 21.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.68%

Computed WACC: 5.68%

Cost of equity (Re)9.75%(Rf 4.30% + β 0.99 × ERP 5.50%)

Cost of debt (Rd)4.87%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)31.06%

Debt weight (D/V)68.94%

Results

Intrinsic Value / share$326.43

Current Price$35.19

Upside / Downside+827.6%

Net Debt (used)$9.19B

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

WACC \ Near-term	13.1%	17.1%	21.1%	25.1%	29.1%
7.0%	$25.67	$78.31	$138.46	$206.92	$284.52
8.0%	$-32.45	$9.21	$56.78	$110.88	$172.17
9.0%	$-72.40	$-38.28	$0.66	$44.91	$95.02
10.0%	$-101.47	$-72.82	$-40.15	$-3.04	$38.94
11.0%	$-123.52	$-99.00	$-71.07	$-39.37	$-3.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.43

Book Value / share($)Yahoo: $16.11

Results

Graham Number$22.76

Current Price$35.19

Margin of Safety-35.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.68%

Terminal growth rate(%)

Computed WACC: 5.68%

Cost of equity (Re)9.75%(Rf 4.30% + β 0.99 × ERP 5.50%)

Cost of debt (Rd)4.87%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)31.06%

Debt weight (D/V)68.94%

Results

Current Price$35.19

Implied Near-term FCF Growth10.1%

Historical Revenue Growth21.1%

Historical Earnings Growth—

Base FCF (TTM)$207.88M

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: $1.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.08

Current Price$35.19

Upside / Downside+5.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.04B

Target EV/EBITDA multipleCurrent: 16.7×

Net Debt($B)Default: $9.19B

Results

Implied Equity Value / share$239.95

Current Price$35.19

Upside / Downside+581.9%

Implied EV$17.50B

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

Mult \ Net Debt	$5.19B	$7.19B	$9.19B	$11.19B	$13.19B
12.7x	$234.75	$176.97	$119.19	$61.41	$3.63
14.7x	$295.13	$237.35	$179.57	$121.79	$64.01
16.7x	$355.51	$297.73	$239.95	$182.17	$124.39
18.7x	$415.89	$358.11	$300.33	$242.55	$184.77
20.7x	$476.27	$418.49	$360.71	$302.93	$245.15

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