NXRT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.23)
DCF	$5.57	-80.3%
Graham Number	—	—
Reverse DCF	—	implied g: 10.1%
DDM	$43.67	+54.7%
EV/EBITDA	$28.44	+0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $95.24M

Near-term growth (yrs 1–5)(%)Rev: -2.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.75%

Computed WACC: 6.75%

Cost of equity (Re)10.76%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)3.81%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.23%

Debt weight (D/V)51.77%

Results

Intrinsic Value / share$40.89

Current Price$28.23

Upside / Downside+44.8%

Net Debt (used)$1.53B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$6.13	$19.58	$35.22	$53.32	$74.17
8.0%	$-5.70	$5.12	$17.69	$32.22	$48.94
9.0%	$-13.90	$-4.89	$5.57	$17.63	$31.49
10.0%	$-19.91	$-12.23	$-3.32	$6.94	$18.72
11.0%	$-24.52	$-17.84	$-10.12	$-1.23	$8.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.26

Book Value / share($)Yahoo: $11.65

Results

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

Graham Number—

Current Price$28.23

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.75%

Terminal growth rate(%)

Computed WACC: 6.75%

Cost of equity (Re)10.76%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)3.81%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.23%

Debt weight (D/V)51.77%

Results

Current Price$28.23

Implied Near-term FCF Growth2.9%

Historical Revenue Growth-2.6%

Historical Earnings Growth—

Base FCF (TTM)$95.24M

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: $2.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$43.67

Current Price$28.23

Upside / Downside+54.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $124.20M

Target EV/EBITDA multipleCurrent: 18.1×

Net Debt($B)Default: $1.53B

Results

Implied Equity Value / share$28.44

Current Price$28.23

Upside / Downside+0.7%

Implied EV$2.25B

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

Mult \ Net Debt	$1.53B	$1.53B	$1.53B	$1.53B	$1.53B
14.1x	$8.85	$8.85	$8.85	$8.85	$8.85
16.1x	$18.64	$18.64	$18.64	$18.64	$18.64
18.1x	$28.44	$28.44	$28.44	$28.44	$28.44
20.1x	$38.23	$38.23	$38.23	$38.23	$38.23
22.1x	$48.02	$48.02	$48.02	$48.02	$48.02

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