RNR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($302.46)
DCF	$-20920.49	-7016.8%
Graham Number	$557.98	+84.5%
Reverse DCF	—	—
DDM	$33.78	-88.8%
EV/EBITDA	$494.55	+63.5%

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: 4.66%

Computed WACC: 4.66%

Cost of equity (Re)5.54%(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)84.13%

Debt weight (D/V)15.87%

Results

Intrinsic Value / share$-74199.56

Current Price$302.46

Upside / Downside-24632.0%

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%	$-23603.83	$-27785.26	$-32533.49	$-37904.77	$-43958.92
8.0%	$-18614.64	$-21907.14	$-25643.88	$-29868.83	$-34628.78
9.0%	$-15192.75	$-17876.43	$-20920.49	$-24360.50	$-28234.32
10.0%	$-12709.01	$-14951.51	$-17493.68	$-20365.02	$-23596.92
11.0%	$-10830.53	$-12739.97	$-14903.30	$-17345.43	$-20092.91

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $56.02

Book Value / share($)Yahoo: $247.00

Results

Graham Number$557.98

Current Price$302.46

Margin of Safety+84.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.66%

Terminal growth rate(%)

Computed WACC: 4.66%

Cost of equity (Re)5.54%(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)84.13%

Debt weight (D/V)15.87%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$302.46

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: $1.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$33.78

Current Price$302.46

Upside / Downside-88.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.15B

Target EV/EBITDA multipleCurrent: -1.8×

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

Results

Implied Equity Value / share$494.55

Current Price$302.46

Upside / Downside+63.5%

Implied EV-$7.39B

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

Mult \ Net Debt	-$42.90B	-$35.90B	-$28.90B	-$21.90B	-$14.90B
-5.8x	$434.61	$273.65	$112.69	$-48.27	$-209.23
-3.8x	$625.54	$464.58	$303.62	$142.66	$-18.30
-1.8x	$816.47	$655.51	$494.55	$333.59	$172.63
0.2x	$1007.40	$846.44	$685.48	$524.52	$363.56
2.2x	$1198.33	$1037.37	$876.41	$715.45	$554.49

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