CZR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.64)
DCF	$-61.73	-350.5%
Graham Number	—	—
Reverse DCF	—	implied g: 20.5%
DDM	—	—
EV/EBITDA	$25.53	+3.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $693.25M

Near-term growth (yrs 1–5)(%)Rev: 4.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 15.20%

Computed WACC: 15.20%

Cost of equity (Re)15.17%(Rf 4.30% + β 1.98 × ERP 5.50%)

Cost of debt (Rd)19.25%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)16.41%

Debt weight (D/V)83.59%

Results

Intrinsic Value / share$-91.23

Current Price$24.64

Upside / Downside-470.3%

Net Debt (used)$24.73B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-61.22	$-49.02	$-34.83	$-18.41	$0.51
8.0%	$-71.95	$-62.14	$-50.73	$-37.55	$-22.39
9.0%	$-79.39	$-71.22	$-61.73	$-50.79	$-38.21
10.0%	$-84.85	$-77.88	$-69.80	$-60.49	$-49.80
11.0%	$-89.03	$-82.97	$-75.96	$-67.90	$-58.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.42

Book Value / share($)Yahoo: $17.29

Results

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

Graham Number—

Current Price$24.64

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 15.20%

Terminal growth rate(%)

Computed WACC: 15.20%

Cost of equity (Re)15.17%(Rf 4.30% + β 1.98 × ERP 5.50%)

Cost of debt (Rd)19.25%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)16.41%

Debt weight (D/V)83.59%

Results

Current Price$24.64

Implied Near-term FCF Growth36.6%

Historical Revenue Growth4.2%

Historical Earnings Growth—

Base FCF (TTM)$693.25M

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$24.64

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.50B

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $24.73B

Results

Implied Equity Value / share$25.53

Current Price$24.64

Upside / Downside+3.6%

Implied EV$29.93B

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

Mult \ Net Debt	$12.73B	$18.73B	$24.73B	$30.73B	$36.73B
4.6x	$15.80	$-13.68	$-43.16	$-72.64	$-102.12
6.6x	$50.15	$20.67	$-8.81	$-38.29	$-67.78
8.6x	$84.49	$55.01	$25.53	$-3.95	$-33.43
10.6x	$118.84	$89.36	$59.88	$30.40	$0.91
12.6x	$153.18	$123.70	$94.22	$64.74	$35.26

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