NBR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($78.12)
DCF	$-63.75	-181.6%
Graham Number	$126.07	+61.4%
Reverse DCF	—	implied g: 34.7%
DDM	—	—
EV/EBITDA	$135.86	+73.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $29.18M

Near-term growth (yrs 1–5)(%)Rev: 9.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.94%

Computed WACC: 2.94%

Cost of equity (Re)9.44%(Rf 4.30% + β 0.93 × 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)31.14%

Debt weight (D/V)68.86%

Results

Intrinsic Value / share$597.87

Current Price$78.12

Upside / Downside+665.3%

Net Debt (used)$1.59B

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

WACC \ Near-term	1.3%	5.3%	9.3%	13.3%	17.3%
7.0%	$-62.19	$-53.06	$-42.49	$-30.31	$-16.35
8.0%	$-70.79	$-63.47	$-55.02	$-45.30	$-34.15
9.0%	$-76.72	$-70.67	$-63.67	$-55.64	$-46.44
10.0%	$-81.07	$-75.93	$-70.00	$-63.19	$-55.41
11.0%	$-84.39	$-79.94	$-74.82	$-68.95	$-62.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $17.39

Book Value / share($)Yahoo: $40.62

Results

Graham Number$126.07

Current Price$78.12

Margin of Safety+61.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.94%

Terminal growth rate(%)

Computed WACC: 2.94%

Cost of equity (Re)9.44%(Rf 4.30% + β 0.93 × 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)31.14%

Debt weight (D/V)68.86%

Results

Current Price$78.12

Implied Near-term FCF Growth-8.8%

Historical Revenue Growth9.3%

Historical Earnings Growth—

Base FCF (TTM)$29.18M

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$78.12

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $912.67M

Target EV/EBITDA multipleCurrent: 3.9×

Net Debt($B)Default: $1.59B

Results

Implied Equity Value / share$135.86

Current Price$78.12

Upside / Downside+73.9%

Implied EV$3.59B

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

Mult \ Net Debt	$1.59B	$1.59B	$1.59B	$1.59B	$1.59B
-0.1x	$-112.94	$-112.94	$-112.94	$-112.94	$-112.94
1.9x	$11.46	$11.46	$11.46	$11.46	$11.46
3.9x	$135.86	$135.86	$135.86	$135.86	$135.86
5.9x	$260.26	$260.26	$260.26	$260.26	$260.26
7.9x	$384.66	$384.66	$384.66	$384.66	$384.66

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