RLAY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.79)
DCF	$-11.44	-216.9%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$142.71M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.95%

Computed WACC: 12.95%

Cost of equity (Re)13.20%(Rf 4.30% + β 1.62 × 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)98.12%

Debt weight (D/V)1.88%

Results

Intrinsic Value / share$-5.92

Current Price$9.79

Upside / Downside-160.5%

Net Debt (used)-$522.06M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-11.57	$-14.52	$-17.95	$-21.92	$-26.49
8.0%	$-8.97	$-11.35	$-14.10	$-17.29	$-20.96
9.0%	$-7.18	$-9.15	$-11.44	$-14.09	$-17.13
10.0%	$-5.86	$-7.54	$-9.49	$-11.74	$-14.33
11.0%	$-4.85	$-6.31	$-8.00	$-9.95	$-12.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.72

Book Value / share($)Yahoo: $3.26

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$9.79

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.95%

Terminal growth rate(%)

Computed WACC: 12.95%

Cost of equity (Re)13.20%(Rf 4.30% + β 1.62 × 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)98.12%

Debt weight (D/V)1.88%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$9.79

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$142.71M

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$9.79

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$299.18M

Target EV/EBITDA multipleCurrent: -4.1×

Net Debt($B)Default: -$522.06M

Results

Implied Equity Value / share$10.09

Current Price$9.79

Upside / Downside+3.1%

Implied EV$1.23B

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