RELL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.64)
DCF	$14.82	+17.3%
Graham Number	$3.50	-72.3%
Reverse DCF	—	implied g: 2.4%
DDM	$4.94	-60.9%
EV/EBITDA	$14.28	+13.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $8.40M

Near-term growth (yrs 1–5)(%)Rev: 5.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.18%

Computed WACC: 10.18%

Cost of equity (Re)10.27%(Rf 4.30% + β 1.09 × 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)99.06%

Debt weight (D/V)0.94%

Results

Intrinsic Value / share$12.91

Current Price$12.64

Upside / Downside+2.2%

Net Debt (used)-$31.40M

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

WACC \ Near-term	-2.3%	1.7%	5.7%	9.7%	13.7%
7.0%	$15.00	$17.51	$20.44	$23.82	$27.71
8.0%	$12.76	$14.78	$17.13	$19.84	$22.96
9.0%	$11.21	$12.89	$14.84	$17.09	$19.67
10.0%	$10.08	$11.51	$13.17	$15.08	$17.27
11.0%	$9.21	$10.45	$11.89	$13.54	$15.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.05

Book Value / share($)Yahoo: $10.92

Results

Graham Number$3.50

Current Price$12.64

Margin of Safety-72.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.18%

Terminal growth rate(%)

Computed WACC: 10.18%

Cost of equity (Re)10.27%(Rf 4.30% + β 1.09 × 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)99.06%

Debt weight (D/V)0.94%

Results

Current Price$12.64

Implied Near-term FCF Growth5.3%

Historical Revenue Growth5.7%

Historical Earnings Growth—

Base FCF (TTM)$8.40M

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: $0.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.94

Current Price$12.64

Upside / Downside-60.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.52M

Target EV/EBITDA multipleCurrent: 22.5×

Net Debt($B)Default: -$31.40M

Results

Implied Equity Value / share$14.28

Current Price$12.64

Upside / Downside+13.0%

Implied EV$146.88M

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

Mult \ Net Debt	-$2.03B	-$1.03B	-$31.40M	$968.60M	$1.97B
18.5x	$172.44	$92.32	$12.20	$-67.92	$-148.04
20.5x	$173.48	$93.36	$13.24	$-66.88	$-147.00
22.5x	$174.52	$94.40	$14.28	$-65.84	$-145.96
24.5x	$175.57	$95.45	$15.33	$-64.79	$-144.91
26.5x	$176.61	$96.49	$16.37	$-63.75	$-143.87

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