RCKY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.32)
DCF	$-16.18	-135.7%
Graham Number	$47.30	+4.4%
Reverse DCF	—	—
DDM	$12.77	-71.8%
EV/EBITDA	$45.32	+0.0%

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: 9.1% / EPS: 34.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 15.90%

Computed WACC: 15.90%

Cost of equity (Re)18.46%(Rf 4.30% + β 2.57 × ERP 5.50%)

Cost of debt (Rd)11.26%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)73.23%

Debt weight (D/V)26.77%

Results

Intrinsic Value / share$-16.18

Current Price$45.32

Upside / Downside-135.7%

Net Debt (used)$121.47M

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

WACC \ Near-term	26.5%	30.5%	34.5%	38.5%	42.5%
7.0%	$-16.18	$-16.18	$-16.18	$-16.18	$-16.18
8.0%	$-16.18	$-16.18	$-16.18	$-16.18	$-16.18
9.0%	$-16.18	$-16.18	$-16.18	$-16.18	$-16.18
10.0%	$-16.18	$-16.18	$-16.18	$-16.18	$-16.18
11.0%	$-16.18	$-16.18	$-16.18	$-16.18	$-16.18

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.96

Book Value / share($)Yahoo: $33.59

Results

Graham Number$47.30

Current Price$45.32

Margin of Safety+4.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 15.90%

Terminal growth rate(%)

Computed WACC: 15.90%

Cost of equity (Re)18.46%(Rf 4.30% + β 2.57 × ERP 5.50%)

Cost of debt (Rd)11.26%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)73.23%

Debt weight (D/V)26.77%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$45.32

Implied Near-term FCF Growth—

Historical Revenue Growth9.1%

Historical Earnings Growth34.5%

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: $0.62

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.77

Current Price$45.32

Upside / Downside-71.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $46.96M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $121.47M

Results

Implied Equity Value / share$45.32

Current Price$45.32

Upside / Downside+0.0%

Implied EV$461.61M

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

Mult \ Net Debt	-$1.88B	-$878.53M	$121.47M	$1.12B	$2.12B
5.8x	$286.78	$153.54	$20.29	$-112.95	$-246.19
7.8x	$299.29	$166.05	$32.81	$-100.43	$-233.68
9.8x	$311.81	$178.56	$45.32	$-87.92	$-221.16
11.8x	$324.32	$191.08	$57.83	$-75.41	$-208.65
13.8x	$336.83	$203.59	$70.35	$-62.89	$-196.14

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