RCL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($310.96)
DCF	$-156.15	-150.2%
Graham Number	$114.18	-63.3%
Reverse DCF	—	—
DDM	$87.55	-71.8%
EV/EBITDA	$311.73	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$197.62M

Near-term growth (yrs 1–5)(%)Rev: 13.3% / EPS: 37.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.57%

Computed WACC: 11.57%

Cost of equity (Re)14.57%(Rf 4.30% + β 1.87 × 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)79.37%

Debt weight (D/V)20.63%

Results

Intrinsic Value / share$-129.21

Current Price$310.96

Upside / Downside-141.6%

Net Debt (used)$21.21B

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

WACC \ Near-term	29.1%	33.1%	37.1%	41.1%	45.1%
7.0%	$-169.08	$-183.66	$-200.07	$-218.49	$-239.09
8.0%	$-149.82	$-161.22	$-174.07	$-188.47	$-204.58
9.0%	$-136.64	$-145.88	$-156.28	$-167.95	$-180.99
10.0%	$-127.10	$-134.78	$-143.42	$-153.10	$-163.92
11.0%	$-119.91	$-126.41	$-133.72	$-141.91	$-151.06

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $15.61

Book Value / share($)Yahoo: $37.12

Results

Graham Number$114.18

Current Price$310.96

Margin of Safety-63.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.57%

Terminal growth rate(%)

Computed WACC: 11.57%

Cost of equity (Re)14.57%(Rf 4.30% + β 1.87 × 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)79.37%

Debt weight (D/V)20.63%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$310.96

Implied Near-term FCF Growth—

Historical Revenue Growth13.3%

Historical Earnings Growth37.1%

Base FCF (TTM)-$197.62M

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: $4.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$87.55

Current Price$310.96

Upside / Downside-71.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.64B

Target EV/EBITDA multipleCurrent: 15.9×

Net Debt($B)Default: $21.21B

Results

Implied Equity Value / share$311.73

Current Price$310.96

Upside / Downside+0.2%

Implied EV$105.54B

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

Mult \ Net Debt	$11.21B	$16.21B	$21.21B	$26.21B	$31.21B
11.9x	$250.56	$232.08	$213.60	$195.11	$176.63
13.9x	$299.63	$281.14	$262.66	$244.18	$225.70
15.9x	$348.69	$330.21	$311.73	$293.25	$274.76
17.9x	$397.76	$379.28	$360.80	$342.31	$323.83
19.9x	$446.83	$428.35	$409.86	$391.38	$372.90

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