REYN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.30)
DCF	$16.92	-30.4%
Graham Number	$18.57	-23.6%
Reverse DCF	—	implied g: 9.5%
DDM	$18.95	-22.0%
EV/EBITDA	$24.31	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $291.00M

Near-term growth (yrs 1–5)(%)Rev: 1.4% / EPS: -2.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.46%

Computed WACC: 5.46%

Cost of equity (Re)7.28%(Rf 4.30% + β 0.54 × 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)75.07%

Debt weight (D/V)24.93%

Results

Intrinsic Value / share$46.33

Current Price$24.30

Upside / Downside+90.6%

Net Debt (used)$1.55B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$17.13	$22.08	$27.84	$34.52	$42.20
8.0%	$12.77	$16.76	$21.39	$26.74	$32.90
9.0%	$9.75	$13.07	$16.92	$21.36	$26.47
10.0%	$7.53	$10.36	$13.64	$17.43	$21.77
11.0%	$5.83	$8.29	$11.14	$14.42	$18.17

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.43

Book Value / share($)Yahoo: $10.71

Results

Graham Number$18.57

Current Price$24.30

Margin of Safety-23.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.46%

Terminal growth rate(%)

Computed WACC: 5.46%

Cost of equity (Re)7.28%(Rf 4.30% + β 0.54 × 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)75.07%

Debt weight (D/V)24.93%

Results

Current Price$24.30

Implied Near-term FCF Growth-2.9%

Historical Revenue Growth1.4%

Historical Earnings Growth-2.3%

Base FCF (TTM)$291.00M

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: $0.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.95

Current Price$24.30

Upside / Downside-22.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $667.00M

Target EV/EBITDA multipleCurrent: 10.0×

Net Debt($B)Default: $1.55B

Results

Implied Equity Value / share$24.31

Current Price$24.30

Upside / Downside+0.0%

Implied EV$6.66B

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

Mult \ Net Debt	$1.55B	$1.55B	$1.55B	$1.55B	$1.55B
6.0x	$11.62	$11.62	$11.62	$11.62	$11.62
8.0x	$17.96	$17.96	$17.96	$17.96	$17.96
10.0x	$24.31	$24.31	$24.31	$24.31	$24.31
12.0x	$30.65	$30.65	$30.65	$30.65	$30.65
14.0x	$36.99	$36.99	$36.99	$36.99	$36.99

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