CWH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.08)
DCF	$-150.49	-1962.5%
Graham Number	—	—
Reverse DCF	—	—
DDM	$10.30	+27.5%
EV/EBITDA	$10.45	+29.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$318.40M

Near-term growth (yrs 1–5)(%)Rev: -2.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.79%

Computed WACC: 1.79%

Cost of equity (Re)16.15%(Rf 4.30% + β 2.15 × 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)11.07%

Debt weight (D/V)88.93%

Results

Intrinsic Value / share—

Current Price$8.08

Upside / Downside—

Net Debt (used)$3.86B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-151.26	$-169.41	$-190.52	$-214.96	$-243.10
8.0%	$-135.29	$-149.90	$-166.86	$-186.48	$-209.04
9.0%	$-124.22	$-136.38	$-150.49	$-166.78	$-185.49
10.0%	$-116.10	$-126.47	$-138.49	$-152.35	$-168.25
11.0%	$-109.88	$-118.89	$-129.32	$-141.32	$-155.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.00

Book Value / share($)Yahoo: $3.60

Results

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

Graham Number—

Current Price$8.08

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.79%

Terminal growth rate(%)

Computed WACC: 1.79%

Cost of equity (Re)16.15%(Rf 4.30% + β 2.15 × 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)11.07%

Debt weight (D/V)88.93%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$8.08

Implied Near-term FCF Growth—

Historical Revenue Growth-2.6%

Historical Earnings Growth—

Base FCF (TTM)-$318.40M

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: $0.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.30

Current Price$8.08

Upside / Downside+27.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $275.96M

Target EV/EBITDA multipleCurrent: 16.4×

Net Debt($B)Default: $3.86B

Results

Implied Equity Value / share$10.45

Current Price$8.08

Upside / Downside+29.3%

Implied EV$4.52B

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

Mult \ Net Debt	$1.86B	$2.86B	$3.86B	$4.86B	$5.86B
12.4x	$24.72	$8.80	$-7.12	$-23.04	$-38.96
14.4x	$33.50	$17.58	$1.67	$-14.25	$-30.17
16.4x	$42.29	$26.37	$10.45	$-5.47	$-21.39
18.4x	$51.07	$35.16	$19.24	$3.32	$-12.60
20.4x	$59.86	$43.94	$28.02	$12.10	$-3.81

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