RWAY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.93)
DCF	$8.93	+12.6%
Graham Number	$21.10	+166.0%
Reverse DCF	—	implied g: 4.2%
DDM	$28.22	+255.9%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $43.19M

Near-term growth (yrs 1–5)(%)Rev: 0.3% / EPS: -66.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.03%

Computed WACC: 7.03%

Cost of equity (Re)7.72%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)8.33%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.25%

Debt weight (D/V)60.75%

Results

Intrinsic Value / share$18.17

Current Price$7.93

Upside / Downside+129.1%

Net Debt (used)$435.59M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$9.11	$13.39	$18.37	$24.13	$30.77
8.0%	$5.34	$8.79	$12.79	$17.42	$22.74
9.0%	$2.73	$5.60	$8.93	$12.77	$17.18
10.0%	$0.82	$3.27	$6.10	$9.37	$13.12
11.0%	$-0.65	$1.48	$3.94	$6.77	$10.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.46

Book Value / share($)Yahoo: $13.55

Results

Graham Number$21.10

Current Price$7.93

Margin of Safety+166.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.03%

Terminal growth rate(%)

Computed WACC: 7.03%

Cost of equity (Re)7.72%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)8.33%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.25%

Debt weight (D/V)60.75%

Results

Current Price$7.93

Implied Near-term FCF Growth-1.6%

Historical Revenue Growth0.3%

Historical Earnings Growth-66.1%

Base FCF (TTM)$43.19M

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: $1.37

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.22

Current Price$7.93

Upside / Downside+255.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $435.59M

Results

Implied Equity Value / share$-12.05

Current Price$7.93

Upside / Downside-252.0%

Implied EV$0

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