RBA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($100.13)
DCF	$55.11	-45.0%
Graham Number	$37.09	-63.0%
Reverse DCF	—	implied g: 13.4%
DDM	$25.13	-74.9%
EV/EBITDA	$102.80	+2.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $786.43M

Near-term growth (yrs 1–5)(%)Rev: 5.4% / EPS: -10.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.91%

Computed WACC: 5.91%

Cost of equity (Re)7.31%(Rf 4.30% + β 0.55 × 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)80.83%

Debt weight (D/V)19.17%

Results

Intrinsic Value / share$125.19

Current Price$100.13

Upside / Downside+25.0%

Net Debt (used)$3.89B

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

WACC \ Near-term	-2.6%	1.4%	5.4%	9.4%	13.4%
7.0%	$55.94	$71.44	$89.47	$110.32	$134.33
8.0%	$42.21	$54.68	$69.16	$85.89	$105.13
9.0%	$32.70	$43.07	$55.11	$68.99	$84.94
10.0%	$25.71	$34.57	$44.81	$56.62	$70.17
11.0%	$20.37	$28.06	$36.94	$47.17	$58.89

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.04

Book Value / share($)Yahoo: $29.97

Results

Graham Number$37.09

Current Price$100.13

Margin of Safety-63.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.91%

Terminal growth rate(%)

Computed WACC: 5.91%

Cost of equity (Re)7.31%(Rf 4.30% + β 0.55 × 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)80.83%

Debt weight (D/V)19.17%

Results

Current Price$100.13

Implied Near-term FCF Growth2.5%

Historical Revenue Growth5.4%

Historical Earnings Growth-10.3%

Base FCF (TTM)$786.43M

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: $1.22

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.13

Current Price$100.13

Upside / Downside-74.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.24B

Target EV/EBITDA multipleCurrent: 18.5×

Net Debt($B)Default: $3.89B

Results

Implied Equity Value / share$102.80

Current Price$100.13

Upside / Downside+2.7%

Implied EV$23.00B

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

Mult \ Net Debt	$1.89B	$2.89B	$3.89B	$4.89B	$5.89B
14.5x	$86.86	$81.48	$76.10	$70.72	$65.34
16.5x	$100.21	$94.83	$89.45	$84.07	$78.69
18.5x	$113.56	$108.18	$102.80	$97.42	$92.04
20.5x	$126.91	$121.53	$116.15	$110.77	$105.39
22.5x	$140.26	$134.88	$129.50	$124.12	$118.74

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