RJF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($154.42)
DCF	$51.04	-66.9%
Graham Number	$120.74	-21.8%
Reverse DCF	—	—
DDM	$44.50	-71.2%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 5.7% / EPS: -2.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.26%

Computed WACC: 8.26%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × 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)83.98%

Debt weight (D/V)16.02%

Results

Intrinsic Value / share$51.04

Current Price$154.42

Upside / Downside-66.9%

Net Debt (used)-$10.06B

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

WACC \ Near-term	-2.3%	1.7%	5.7%	9.7%	13.7%
7.0%	$51.04	$51.04	$51.04	$51.04	$51.04
8.0%	$51.04	$51.04	$51.04	$51.04	$51.04
9.0%	$51.04	$51.04	$51.04	$51.04	$51.04
10.0%	$51.04	$51.04	$51.04	$51.04	$51.04
11.0%	$51.04	$51.04	$51.04	$51.04	$51.04

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.22

Book Value / share($)Yahoo: $63.40

Results

Graham Number$120.74

Current Price$154.42

Margin of Safety-21.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.26%

Terminal growth rate(%)

Computed WACC: 8.26%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × 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)83.98%

Debt weight (D/V)16.02%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$154.42

Implied Near-term FCF Growth—

Historical Revenue Growth5.7%

Historical Earnings Growth-2.4%

Base FCF (TTM)—

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: $2.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$44.50

Current Price$154.42

Upside / Downside-71.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$10.06B

Results

Implied Equity Value / share$51.04

Current Price$154.42

Upside / Downside-66.9%

Implied EV$0

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