ROCK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.16)
DCF	$68.02	+50.6%
Graham Number	$56.81	+25.8%
Reverse DCF	—	implied g: 8.7%
DDM	—	—
EV/EBITDA	$45.17	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $58.69M

Near-term growth (yrs 1–5)(%)Rev: 16.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.17%

Computed WACC: 11.17%

Cost of equity (Re)11.65%(Rf 4.30% + β 1.34 × 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)95.86%

Debt weight (D/V)4.14%

Results

Intrinsic Value / share$49.69

Current Price$45.16

Upside / Downside+10.0%

Net Debt (used)-$58.05M

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

WACC \ Near-term	8.0%	12.0%	16.0%	20.0%	24.0%
7.0%	$72.55	$85.79	$101.00	$118.39	$138.21
8.0%	$58.86	$69.38	$81.46	$95.27	$110.98
9.0%	$49.43	$58.09	$68.02	$79.36	$92.25
10.0%	$42.55	$49.85	$58.22	$67.76	$78.61
11.0%	$37.32	$43.60	$50.78	$58.96	$68.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.46

Book Value / share($)Yahoo: $32.17

Results

Graham Number$56.81

Current Price$45.16

Margin of Safety+25.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.17%

Terminal growth rate(%)

Computed WACC: 11.17%

Cost of equity (Re)11.65%(Rf 4.30% + β 1.34 × 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)95.86%

Debt weight (D/V)4.14%

Results

Current Price$45.16

Implied Near-term FCF Growth14.2%

Historical Revenue Growth16.0%

Historical Earnings Growth—

Base FCF (TTM)$58.69M

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$45.16

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $171.69M

Target EV/EBITDA multipleCurrent: 7.4×

Net Debt($B)Default: -$58.05M

Results

Implied Equity Value / share$45.17

Current Price$45.16

Upside / Downside+0.0%

Implied EV$1.28B

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

Mult \ Net Debt	-$2.06B	-$1.06B	-$58.05M	$941.96M	$1.94B
3.4x	$89.62	$55.77	$21.92	$-11.93	$-45.78
5.4x	$101.24	$67.39	$33.54	$-0.30	$-34.15
7.4x	$112.87	$79.02	$45.17	$11.32	$-22.53
9.4x	$124.49	$90.64	$56.79	$22.94	$-10.91
11.4x	$136.11	$102.26	$68.41	$34.56	$0.71

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