RMBS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($98.88)
DCF	$94.01	-4.9%
Graham Number	$24.52	-75.2%
Reverse DCF	—	implied g: 19.1%
DDM	—	—
EV/EBITDA	$98.88	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $250.74M

Near-term growth (yrs 1–5)(%)Rev: 18.1% / EPS: 1.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.01%

Computed WACC: 13.01%

Cost of equity (Re)13.04%(Rf 4.30% + β 1.59 × 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)99.77%

Debt weight (D/V)0.23%

Results

Intrinsic Value / share$56.76

Current Price$98.88

Upside / Downside-42.6%

Net Debt (used)-$736.85M

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

WACC \ Near-term	10.1%	14.1%	18.1%	22.1%	26.1%
7.0%	$100.75	$118.10	$137.99	$160.68	$186.48
8.0%	$82.31	$96.08	$111.84	$129.83	$150.25
9.0%	$69.62	$80.93	$93.86	$108.61	$125.34
10.0%	$60.38	$69.89	$80.77	$93.16	$107.22
11.0%	$53.36	$61.52	$70.84	$81.45	$93.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.11

Book Value / share($)Yahoo: $12.66

Results

Graham Number$24.52

Current Price$98.88

Margin of Safety-75.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.01%

Terminal growth rate(%)

Computed WACC: 13.01%

Cost of equity (Re)13.04%(Rf 4.30% + β 1.59 × 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)99.77%

Debt weight (D/V)0.23%

Results

Current Price$98.88

Implied Near-term FCF Growth29.9%

Historical Revenue Growth18.1%

Historical Earnings Growth1.6%

Base FCF (TTM)$250.74M

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$98.88

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $302.21M

Target EV/EBITDA multipleCurrent: 32.8×

Net Debt($B)Default: -$736.85M

Results

Implied Equity Value / share$98.88

Current Price$98.88

Upside / Downside-0.0%

Implied EV$9.92B

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

Mult \ Net Debt	-$2.74B	-$1.74B	-$736.85M	$263.15M	$1.26B
28.8x	$106.22	$96.94	$87.67	$78.39	$69.11
30.8x	$111.83	$102.55	$93.27	$84.00	$74.72
32.8x	$117.43	$108.16	$98.88	$89.60	$80.33
34.8x	$123.04	$113.76	$104.49	$95.21	$85.93
36.8x	$128.65	$119.37	$110.09	$100.82	$91.54

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