NRP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($119.24)
DCF	$266.02	+123.1%
Graham Number	$105.91	-11.2%
Reverse DCF	—	implied g: 0.5%
DDM	$61.80	-48.2%
EV/EBITDA	$121.88	+2.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $119.32M

Near-term growth (yrs 1–5)(%)Rev: -1.5% / EPS: 14.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.18%

Computed WACC: 5.18%

Cost of equity (Re)5.42%(Rf 4.30% + β 0.20 × 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)95.56%

Debt weight (D/V)4.44%

Results

Intrinsic Value / share$692.63

Current Price$119.24

Upside / Downside+480.9%

Net Debt (used)$41.76M

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

WACC \ Near-term	6.0%	10.0%	14.0%	18.0%	22.0%
7.0%	$281.68	$335.88	$398.28	$469.81	$551.43
8.0%	$227.14	$270.31	$319.97	$376.83	$441.67
9.0%	$189.54	$225.12	$266.02	$312.80	$366.11
10.0%	$162.08	$192.15	$226.67	$266.12	$311.03
11.0%	$141.19	$167.07	$196.75	$230.64	$269.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.91

Book Value / share($)Yahoo: $45.69

Results

Graham Number$105.91

Current Price$119.24

Margin of Safety-11.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.18%

Terminal growth rate(%)

Computed WACC: 5.18%

Cost of equity (Re)5.42%(Rf 4.30% + β 0.20 × 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)95.56%

Debt weight (D/V)4.44%

Results

Current Price$119.24

Implied Near-term FCF Growth-12.0%

Historical Revenue Growth-1.5%

Historical Earnings Growth14.0%

Base FCF (TTM)$119.32M

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: $3.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$61.80

Current Price$119.24

Upside / Downside-48.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $165.36M

Target EV/EBITDA multipleCurrent: 9.9×

Net Debt($B)Default: $41.76M

Results

Implied Equity Value / share$121.88

Current Price$119.24

Upside / Downside+2.2%

Implied EV$1.64B

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

Mult \ Net Debt	-$1.96B	-$958.24M	$41.76M	$1.04B	$2.04B
5.9x	$223.76	$147.65	$71.53	$-4.58	$-80.70
7.9x	$248.93	$172.82	$96.70	$20.59	$-55.53
9.9x	$274.10	$197.99	$121.88	$45.76	$-30.35
11.9x	$299.28	$223.16	$147.05	$70.93	$-5.18
13.9x	$324.45	$248.33	$172.22	$96.10	$19.99

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