RUSHA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($72.36)
DCF	$93.21	+28.8%
Graham Number	$46.51	-35.7%
Reverse DCF	—	implied g: 1.6%
DDM	$15.45	-78.6%
EV/EBITDA	$92.99	+28.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $389.20M

Near-term growth (yrs 1–5)(%)Rev: -11.8% / EPS: -11.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.76%

Computed WACC: 9.76%

Cost of equity (Re)9.40%(Rf 4.30% + β 0.93 × ERP 5.50%)

Cost of debt (Rd)14.09%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)79.60%

Debt weight (D/V)20.40%

Results

Intrinsic Value / share$81.17

Current Price$72.36

Upside / Downside+12.2%

Net Debt (used)$1.23B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$94.18	$117.37	$144.34	$175.55	$211.50
8.0%	$73.78	$92.44	$114.12	$139.17	$167.99
9.0%	$59.65	$75.18	$93.21	$114.01	$137.91
10.0%	$49.27	$62.53	$77.88	$95.57	$115.88
11.0%	$41.33	$52.84	$66.16	$81.49	$99.07

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.34

Book Value / share($)Yahoo: $28.78

Results

Graham Number$46.51

Current Price$72.36

Margin of Safety-35.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.76%

Terminal growth rate(%)

Computed WACC: 9.76%

Cost of equity (Re)9.40%(Rf 4.30% + β 0.93 × ERP 5.50%)

Cost of debt (Rd)14.09%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)79.60%

Debt weight (D/V)20.40%

Results

Current Price$72.36

Implied Near-term FCF Growth3.4%

Historical Revenue Growth-11.8%

Historical Earnings Growth-11.0%

Base FCF (TTM)$389.20M

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: $0.75

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.45

Current Price$72.36

Upside / Downside-78.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $646.19M

Target EV/EBITDA multipleCurrent: 10.6×

Net Debt($B)Default: $1.23B

Results

Implied Equity Value / share$92.99

Current Price$72.36

Upside / Downside+28.5%

Implied EV$6.82B

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

Mult \ Net Debt	$1.23B	$1.23B	$1.23B	$1.23B	$1.23B
6.6x	$49.99	$49.99	$49.99	$49.99	$49.99
8.6x	$71.49	$71.49	$71.49	$71.49	$71.49
10.6x	$92.99	$92.99	$92.99	$92.99	$92.99
12.6x	$114.49	$114.49	$114.49	$114.49	$114.49
14.6x	$135.98	$135.98	$135.98	$135.98	$135.98

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