NRG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($175.58)
DCF	$92.52	-47.3%
Graham Number	$22.08	-87.4%
Reverse DCF	—	implied g: 21.5%
DDM	$39.14	-77.7%
EV/EBITDA	$178.61	+1.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.09B

Near-term growth (yrs 1–5)(%)Rev: 13.7% / EPS: -91.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.81%

Computed WACC: 7.81%

Cost of equity (Re)11.26%(Rf 4.30% + β 1.26 × 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)69.39%

Debt weight (D/V)30.61%

Results

Intrinsic Value / share$129.35

Current Price$175.58

Upside / Downside-26.3%

Net Debt (used)$11.92B

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

WACC \ Near-term	5.7%	9.7%	13.7%	17.7%	21.7%
7.0%	$101.19	$131.07	$165.49	$204.95	$250.00
8.0%	$71.23	$95.04	$122.44	$153.82	$189.61
9.0%	$50.58	$70.21	$92.77	$118.60	$148.03
10.0%	$35.50	$52.09	$71.14	$92.91	$117.72
11.0%	$24.02	$38.30	$54.68	$73.40	$94.69

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.00

Book Value / share($)Yahoo: $5.42

Results

Graham Number$22.08

Current Price$175.58

Margin of Safety-87.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.81%

Terminal growth rate(%)

Computed WACC: 7.81%

Cost of equity (Re)11.26%(Rf 4.30% + β 1.26 × 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)69.39%

Debt weight (D/V)30.61%

Results

Current Price$175.58

Implied Near-term FCF Growth17.5%

Historical Revenue Growth13.7%

Historical Earnings Growth-91.3%

Base FCF (TTM)$1.09B

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: $1.90

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$39.14

Current Price$175.58

Upside / Downside-77.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.97B

Target EV/EBITDA multipleCurrent: 16.9×

Net Debt($B)Default: $11.92B

Results

Implied Equity Value / share$178.61

Current Price$175.58

Upside / Downside+1.7%

Implied EV$50.26B

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

Mult \ Net Debt	$5.92B	$8.92B	$11.92B	$14.92B	$17.92B
12.9x	$151.30	$137.32	$123.35	$109.37	$95.40
14.9x	$178.93	$164.95	$150.98	$137.00	$123.03
16.9x	$206.56	$192.59	$178.61	$164.64	$150.66
18.9x	$234.19	$220.22	$206.24	$192.27	$178.29
20.9x	$261.82	$247.85	$233.88	$219.90	$205.93

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