RIOT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.14)
DCF	$697.49	+4222.8%
Graham Number	$10.51	-34.9%
Reverse DCF	—	implied g: 32.0%
DDM	—	—
EV/EBITDA	$16.29	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $80.54M

Near-term growth (yrs 1–5)(%)Rev: 112.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 20.98%

Computed WACC: 20.98%

Cost of equity (Re)24.03%(Rf 4.30% + β 3.59 × 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)87.31%

Debt weight (D/V)12.69%

Results

Intrinsic Value / share$120.69

Current Price$16.14

Upside / Downside+648.0%

Net Debt (used)$541.10M

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

WACC \ Near-term	104.6%	108.6%	112.6%	116.6%	120.6%
7.0%	$947.71	$1043.98	$1147.92	$1259.97	$1380.60
8.0%	$726.10	$799.85	$879.47	$965.31	$1057.71
9.0%	$575.87	$634.35	$697.49	$765.55	$838.82
10.0%	$468.22	$515.77	$567.09	$622.43	$681.99
11.0%	$387.93	$427.32	$469.84	$515.68	$565.02

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.52

Book Value / share($)Yahoo: $9.44

Results

Graham Number$10.51

Current Price$16.14

Margin of Safety-34.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 20.98%

Terminal growth rate(%)

Computed WACC: 20.98%

Cost of equity (Re)24.03%(Rf 4.30% + β 3.59 × 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)87.31%

Debt weight (D/V)12.69%

Results

Current Price$16.14

Implied Near-term FCF Growth63.5%

Historical Revenue Growth112.6%

Historical Earnings Growth—

Base FCF (TTM)$80.54M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$16.14

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $508.61M

Target EV/EBITDA multipleCurrent: 13.0×

Net Debt($B)Default: $541.10M

Results

Implied Equity Value / share$16.29

Current Price$16.14

Upside / Downside+1.0%

Implied EV$6.60B

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

Mult \ Net Debt	-$1.46B	-$458.90M	$541.10M	$1.54B	$2.54B
9.0x	$16.20	$13.51	$10.82	$8.13	$5.44
11.0x	$18.93	$16.24	$13.55	$10.86	$8.17
13.0x	$21.67	$18.98	$16.29	$13.60	$10.91
15.0x	$24.40	$21.71	$19.03	$16.34	$13.65
17.0x	$27.14	$24.45	$21.76	$19.07	$16.38

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