RHP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($99.73)
DCF	$185.69	+86.2%
Graham Number	$31.97	-67.9%
Reverse DCF	—	implied g: 4.9%
DDM	$96.82	-2.9%
EV/EBITDA	$105.90	+6.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $568.43M

Near-term growth (yrs 1–5)(%)Rev: 12.4% / EPS: -1.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.54%

Computed WACC: 6.54%

Cost of equity (Re)10.84%(Rf 4.30% + β 1.19 × 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)60.31%

Debt weight (D/V)39.69%

Results

Intrinsic Value / share$347.79

Current Price$99.73

Upside / Downside+248.7%

Net Debt (used)$3.66B

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

WACC \ Near-term	4.4%	8.4%	12.4%	16.4%	20.4%
7.0%	$197.81	$247.06	$303.87	$369.09	$443.63
8.0%	$149.34	$188.64	$233.91	$285.85	$345.15
9.0%	$115.90	$148.35	$185.69	$228.48	$277.30
10.0%	$91.47	$118.92	$150.49	$186.62	$227.82
11.0%	$72.86	$96.52	$123.70	$154.79	$190.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.77

Book Value / share($)Yahoo: $12.05

Results

Graham Number$31.97

Current Price$99.73

Margin of Safety-67.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.54%

Terminal growth rate(%)

Computed WACC: 6.54%

Cost of equity (Re)10.84%(Rf 4.30% + β 1.19 × 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)60.31%

Debt weight (D/V)39.69%

Results

Current Price$99.73

Implied Near-term FCF Growth-2.6%

Historical Revenue Growth12.4%

Historical Earnings Growth-1.7%

Base FCF (TTM)$568.43M

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: $4.70

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$96.82

Current Price$99.73

Upside / Downside-2.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $756.38M

Target EV/EBITDA multipleCurrent: 13.7×

Net Debt($B)Default: $3.66B

Results

Implied Equity Value / share$105.90

Current Price$99.73

Upside / Downside+6.2%

Implied EV$10.34B

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

Mult \ Net Debt	$1.66B	$2.66B	$3.66B	$4.66B	$5.66B
9.7x	$89.62	$73.75	$57.88	$42.01	$26.14
11.7x	$113.63	$97.76	$81.89	$66.02	$50.15
13.7x	$137.64	$121.77	$105.90	$90.03	$74.16
15.7x	$161.65	$145.78	$129.91	$114.04	$98.17
17.7x	$185.66	$169.79	$153.92	$138.05	$122.18

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