CXT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($48.66)
DCF	$90.80	+86.6%
Graham Number	$35.17	-27.7%
Reverse DCF	—	implied g: 10.9%
DDM	$14.83	-69.5%
EV/EBITDA	$48.75	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $152.55M

Near-term growth (yrs 1–5)(%)Rev: 19.5% / EPS: -18.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.11%

Computed WACC: 8.11%

Cost of equity (Re)11.62%(Rf 4.30% + β 1.33 × 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)69.79%

Debt weight (D/V)30.21%

Results

Intrinsic Value / share$110.65

Current Price$48.66

Upside / Downside+127.4%

Net Debt (used)$975.90M

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

WACC \ Near-term	11.5%	15.5%	19.5%	23.5%	27.5%
7.0%	$100.31	$121.77	$146.33	$174.32	$206.09
8.0%	$77.09	$94.09	$113.53	$135.68	$160.80
9.0%	$61.11	$75.05	$90.99	$109.12	$129.68
10.0%	$49.48	$61.20	$74.58	$89.81	$107.05
11.0%	$40.65	$50.69	$62.14	$75.16	$89.91

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.52

Book Value / share($)Yahoo: $21.81

Results

Graham Number$35.17

Current Price$48.66

Margin of Safety-27.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.11%

Terminal growth rate(%)

Computed WACC: 8.11%

Cost of equity (Re)11.62%(Rf 4.30% + β 1.33 × 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)69.79%

Debt weight (D/V)30.21%

Results

Current Price$48.66

Implied Near-term FCF Growth8.2%

Historical Revenue Growth19.5%

Historical Earnings Growth-18.0%

Base FCF (TTM)$152.55M

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: $0.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.83

Current Price$48.66

Upside / Downside-69.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $392.90M

Target EV/EBITDA multipleCurrent: 9.6×

Net Debt($B)Default: $975.90M

Results

Implied Equity Value / share$48.75

Current Price$48.66

Upside / Downside+0.2%

Implied EV$3.77B

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

Mult \ Net Debt	-$1.02B	-$24.10M	$975.90M	$1.98B	$2.98B
5.6x	$56.21	$38.79	$21.38	$3.96	$-13.45
7.6x	$69.89	$52.48	$35.06	$17.65	$0.23
9.6x	$83.58	$66.16	$48.75	$31.33	$13.92
11.6x	$97.26	$79.85	$62.43	$45.02	$27.60
13.6x	$110.94	$93.53	$76.12	$58.70	$41.29

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