CWEN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($38.08)
DCF	$0.45	-98.8%
Graham Number	$22.76	-40.2%
Reverse DCF	—	implied g: 26.5%
DDM	$37.08	-2.6%
EV/EBITDA	$99.59	+161.5%

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: 5.78%

Computed WACC: 5.78%

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)32.78%

Debt weight (D/V)67.22%

Results

Intrinsic Value / share$123.08

Current Price$38.08

Upside / Downside+223.2%

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%	$10.30	$31.41	$55.54	$83.00	$114.13
8.0%	$-13.02	$3.69	$22.78	$44.48	$69.06
9.0%	$-29.04	$-15.35	$0.26	$18.02	$38.11
10.0%	$-40.70	$-29.21	$-16.10	$-1.22	$15.62
11.0%	$-49.55	$-39.71	$-28.51	$-15.79	$-1.42

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$38.08

Margin of Safety-40.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.78%

Terminal growth rate(%)

Computed WACC: 5.78%

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)32.78%

Debt weight (D/V)67.22%

Results

Current Price$38.08

Implied Near-term FCF Growth13.5%

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$38.08

Upside / Downside-2.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.04B

Target EV/EBITDA multipleCurrent: 17.0×

Net Debt($B)Default: $9.19B

Results

Implied Equity Value / share$99.59

Current Price$38.08

Upside / Downside+161.5%

Implied EV$17.79B

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

Mult \ Net Debt	$5.19B	$7.19B	$9.19B	$11.19B	$13.19B
13.0x	$97.51	$74.33	$51.15	$27.97	$4.80
15.0x	$121.73	$98.55	$75.37	$52.20	$29.02
17.0x	$145.95	$122.77	$99.59	$76.42	$53.24
19.0x	$170.17	$146.99	$123.81	$100.64	$77.46
21.0x	$194.39	$171.21	$148.03	$124.86	$101.68

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