NREF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.85)
DCF	$-250.01	-1784.2%
Graham Number	$37.07	+149.7%
Reverse DCF	—	—
DDM	$41.20	+177.5%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 39.5% / EPS: 108.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 0.77%

Computed WACC: 0.77%

Cost of equity (Re)10.95%(Rf 4.30% + β 1.21 × 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)7.04%

Debt weight (D/V)92.96%

Results

Intrinsic Value / share—

Current Price$14.85

Upside / Downside—

Net Debt (used)$4.43B

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

WACC \ Near-term	100.5%	104.5%	108.5%	112.5%	116.5%
7.0%	$-250.01	$-250.01	$-250.01	$-250.01	$-250.01
8.0%	$-250.01	$-250.01	$-250.01	$-250.01	$-250.01
9.0%	$-250.01	$-250.01	$-250.01	$-250.01	$-250.01
10.0%	$-250.01	$-250.01	$-250.01	$-250.01	$-250.01
11.0%	$-250.01	$-250.01	$-250.01	$-250.01	$-250.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.91

Book Value / share($)Yahoo: $20.99

Results

Graham Number$37.07

Current Price$14.85

Margin of Safety+149.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 0.77%

Terminal growth rate(%)

Computed WACC: 0.77%

Cost of equity (Re)10.95%(Rf 4.30% + β 1.21 × 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)7.04%

Debt weight (D/V)92.96%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$14.85

Implied Near-term FCF Growth—

Historical Revenue Growth39.5%

Historical Earnings Growth108.5%

Base FCF (TTM)—

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$14.85

Upside / Downside+177.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $4.43B

Results

Implied Equity Value / share$-250.01

Current Price$14.85

Upside / Downside-1784.2%

Implied EV$0

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