RNR-PF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.12)
DCF	$-22594.98	-102247.3%
Graham Number	—	—
Reverse DCF	—	—
DDM	$29.66	+34.1%
EV/EBITDA	$231.42	+946.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$14.72B

Near-term growth (yrs 1–5)(%)Rev: 27.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.10%

Computed WACC: 4.10%

Cost of equity (Re)5.58%(Rf 4.30% + β 0.23 × 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)73.58%

Debt weight (D/V)26.42%

Results

Intrinsic Value / share$-110635.80

Current Price$22.12

Upside / Downside-500261.8%

Net Debt (used)-$28.90B

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

WACC \ Near-term	19.6%	23.6%	27.6%	31.6%	35.6%
7.0%	$-25493.09	$-30009.20	$-35137.49	$-40938.68	$-47477.41
8.0%	$-20104.57	$-23660.60	$-27696.43	$-32259.55	$-37400.48
9.0%	$-16408.79	$-19307.27	$-22594.98	$-26310.33	$-30494.21
10.0%	$-13726.25	$-16148.24	$-18893.88	$-21995.04	$-25485.62
11.0%	$-11697.41	$-13759.69	$-16096.16	$-18733.77	$-21701.16

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-3.90

Book Value / share($)Yahoo: $247.00

Results

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

Graham Number—

Current Price$22.12

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.10%

Terminal growth rate(%)

Computed WACC: 4.10%

Cost of equity (Re)5.58%(Rf 4.30% + β 0.23 × 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)73.58%

Debt weight (D/V)26.42%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$22.12

Implied Near-term FCF Growth—

Historical Revenue Growth27.6%

Historical Earnings Growth—

Base FCF (TTM)-$14.72B

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: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$22.12

Upside / Downside+34.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.15B

Target EV/EBITDA multipleCurrent: -4.7×

Net Debt($B)Default: -$28.90B

Results

Implied Equity Value / share$231.42

Current Price$22.12

Upside / Downside+946.2%

Implied EV-$19.58B

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

Mult \ Net Debt	-$42.90B	-$35.90B	-$28.90B	-$21.90B	-$14.90B
-8.7x	$166.68	$-7.17	$-181.01	$-354.85	$-528.70
-6.7x	$372.89	$199.05	$25.20	$-148.64	$-322.48
-4.7x	$579.10	$405.26	$231.42	$57.57	$-116.27
-2.7x	$785.32	$611.47	$437.63	$263.78	$89.94
-0.7x	$991.53	$817.69	$643.84	$470.00	$296.15

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