ROAD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($136.66)
DCF	$240.29	+75.8%
Graham Number	$29.26	-78.6%
Reverse DCF	—	implied g: 35.1%
DDM	—	—
EV/EBITDA	$158.35	+15.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $86.52M

Near-term growth (yrs 1–5)(%)Rev: 44.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.34%

Computed WACC: 7.34%

Cost of equity (Re)9.08%(Rf 4.30% + β 0.87 × 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)80.77%

Debt weight (D/V)19.23%

Results

Intrinsic Value / share$363.63

Current Price$136.66

Upside / Downside+166.1%

Net Debt (used)$1.73B

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

WACC \ Near-term	36.1%	40.1%	44.1%	48.1%	52.1%
7.0%	$293.56	$343.98	$400.43	$463.45	$533.58
8.0%	$222.23	$261.55	$305.56	$354.68	$409.34
9.0%	$173.50	$205.25	$240.78	$280.41	$324.51
10.0%	$138.30	$164.58	$193.98	$226.77	$263.24
11.0%	$111.81	$133.98	$158.77	$186.42	$217.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.22

Book Value / share($)Yahoo: $17.14

Results

Graham Number$29.26

Current Price$136.66

Margin of Safety-78.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.34%

Terminal growth rate(%)

Computed WACC: 7.34%

Cost of equity (Re)9.08%(Rf 4.30% + β 0.87 × 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)80.77%

Debt weight (D/V)19.23%

Results

Current Price$136.66

Implied Near-term FCF Growth28.7%

Historical Revenue Growth44.1%

Historical Earnings Growth—

Base FCF (TTM)$86.52M

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$136.66

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $459.41M

Target EV/EBITDA multipleCurrent: 20.3×

Net Debt($B)Default: $1.73B

Results

Implied Equity Value / share$158.35

Current Price$136.66

Upside / Downside+15.9%

Implied EV$9.33B

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

Mult \ Net Debt	$1.73B	$1.73B	$1.73B	$1.73B	$1.73B
16.3x	$120.04	$120.04	$120.04	$120.04	$120.04
18.3x	$139.20	$139.20	$139.20	$139.20	$139.20
20.3x	$158.35	$158.35	$158.35	$158.35	$158.35
22.3x	$177.51	$177.51	$177.51	$177.51	$177.51
24.3x	$196.66	$196.66	$196.66	$196.66	$196.66

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