RGLD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($304.29)
DCF	$1.40	-99.5%
Graham Number	$77.09	-74.7%
Reverse DCF	—	—
DDM	$39.14	-87.1%
EV/EBITDA	$235.38	-22.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$594,125

Near-term growth (yrs 1–5)(%)Rev: 5.9% / EPS: 14.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.86%

Computed WACC: 7.86%

Cost of equity (Re)7.86%(Rf 4.30% + β 0.65 × 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)99.97%

Debt weight (D/V)0.03%

Results

Intrinsic Value / share$1.35

Current Price$304.29

Upside / Downside-99.6%

Net Debt (used)-$136.86M

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

WACC \ Near-term	6.2%	10.2%	14.2%	18.2%	22.2%
7.0%	$1.39	$1.35	$1.30	$1.24	$1.18
8.0%	$1.43	$1.40	$1.36	$1.32	$1.27
9.0%	$1.46	$1.44	$1.40	$1.37	$1.33
10.0%	$1.48	$1.46	$1.43	$1.40	$1.37
11.0%	$1.50	$1.48	$1.46	$1.43	$1.40

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.69

Book Value / share($)Yahoo: $39.48

Results

Graham Number$77.09

Current Price$304.29

Margin of Safety-74.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.86%

Terminal growth rate(%)

Computed WACC: 7.86%

Cost of equity (Re)7.86%(Rf 4.30% + β 0.65 × 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)99.97%

Debt weight (D/V)0.03%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$304.29

Implied Near-term FCF Growth—

Historical Revenue Growth5.9%

Historical Earnings Growth14.2%

Base FCF (TTM)-$594,125

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: $1.90

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$39.14

Current Price$304.29

Upside / Downside-87.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $517.40M

Target EV/EBITDA multipleCurrent: 38.3×

Net Debt($B)Default: -$136.86M

Results

Implied Equity Value / share$235.38

Current Price$304.29

Upside / Downside-22.6%

Implied EV$19.83B

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

Mult \ Net Debt	-$2.14B	-$1.14B	-$136.86M	$863.14M	$1.86B
34.3x	$234.56	$222.77	$210.98	$199.19	$187.40
36.3x	$246.77	$234.97	$223.18	$211.39	$199.60
38.3x	$258.97	$247.18	$235.38	$223.59	$211.80
40.3x	$271.17	$259.38	$247.59	$235.79	$224.00
42.3x	$283.37	$271.58	$259.79	$248.00	$236.20

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