REXR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.92)
DCF	$0.77	-97.9%
Graham Number	$26.44	-28.4%
Reverse DCF	—	implied g: 27.3%
DDM	$35.84	-2.9%
EV/EBITDA	$39.68	+7.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $186.29M

Near-term growth (yrs 1–5)(%)Rev: 2.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.16%

Computed WACC: 8.16%

Cost of equity (Re)11.18%(Rf 4.30% + β 1.25 × 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)72.97%

Debt weight (D/V)27.03%

Results

Intrinsic Value / share$2.88

Current Price$36.92

Upside / Downside-92.2%

Net Debt (used)$3.09B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$0.89	$3.76	$7.11	$10.98	$15.45
8.0%	$-1.65	$0.67	$3.36	$6.47	$10.05
9.0%	$-3.40	$-1.47	$0.77	$3.35	$6.31
10.0%	$-4.69	$-3.04	$-1.14	$1.06	$3.58
11.0%	$-5.67	$-4.24	$-2.59	$-0.69	$1.49

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.86

Book Value / share($)Yahoo: $36.12

Results

Graham Number$26.44

Current Price$36.92

Margin of Safety-28.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.16%

Terminal growth rate(%)

Computed WACC: 8.16%

Cost of equity (Re)11.18%(Rf 4.30% + β 1.25 × 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)72.97%

Debt weight (D/V)27.03%

Results

Current Price$36.92

Implied Near-term FCF Growth24.3%

Historical Revenue Growth2.1%

Historical Earnings Growth—

Base FCF (TTM)$186.29M

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: $1.74

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$35.84

Current Price$36.92

Upside / Downside-2.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $671.35M

Target EV/EBITDA multipleCurrent: 18.3×

Net Debt($B)Default: $3.09B

Results

Implied Equity Value / share$39.68

Current Price$36.92

Upside / Downside+7.5%

Implied EV$12.29B

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

Mult \ Net Debt	$1.09B	$2.09B	$3.09B	$4.09B	$5.09B
14.3x	$36.73	$32.41	$28.10	$23.79	$19.48
16.3x	$42.52	$38.21	$33.89	$29.58	$25.27
18.3x	$48.31	$44.00	$39.68	$35.37	$31.06
20.3x	$54.10	$49.79	$45.48	$41.16	$36.85
22.3x	$59.89	$55.58	$51.27	$46.95	$42.64

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