RYI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.16)
DCF	$22.61	-19.7%
Graham Number	—	—
Reverse DCF	—	implied g: 11.6%
DDM	$15.45	-45.1%
EV/EBITDA	$43.85	+55.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $66.36M

Near-term growth (yrs 1–5)(%)Rev: 9.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.56%

Computed WACC: 8.56%

Cost of equity (Re)13.02%(Rf 4.30% + β 1.59 × ERP 5.50%)

Cost of debt (Rd)4.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)52.15%

Debt weight (D/V)47.85%

Results

Intrinsic Value / share$26.36

Current Price$28.16

Upside / Downside-6.4%

Net Debt (used)$805.40M

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

WACC \ Near-term	1.7%	5.7%	9.7%	13.7%	17.7%
7.0%	$24.36	$34.04	$45.24	$58.14	$72.91
8.0%	$15.20	$22.95	$31.90	$42.19	$53.98
9.0%	$8.87	$15.28	$22.68	$31.19	$40.92
10.0%	$4.24	$9.68	$15.95	$23.15	$31.38
11.0%	$0.70	$5.41	$10.82	$17.03	$24.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.71

Book Value / share($)Yahoo: $23.38

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$28.16

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.56%

Terminal growth rate(%)

Computed WACC: 8.56%

Cost of equity (Re)13.02%(Rf 4.30% + β 1.59 × ERP 5.50%)

Cost of debt (Rd)4.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)52.15%

Debt weight (D/V)47.85%

Results

Current Price$28.16

Implied Near-term FCF Growth10.3%

Historical Revenue Growth9.7%

Historical Earnings Growth—

Base FCF (TTM)$66.36M

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$28.16

Upside / Downside-45.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $54.70M

Target EV/EBITDA multipleCurrent: 40.5×

Net Debt($B)Default: $805.40M

Results

Implied Equity Value / share$43.85

Current Price$28.16

Upside / Downside+55.7%

Implied EV$2.22B

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

Mult \ Net Debt	-$1.19B	-$194.60M	$805.40M	$1.81B	$2.81B
36.5x	$99.14	$68.10	$37.05	$6.01	$-25.04
38.5x	$102.54	$71.49	$40.45	$9.41	$-21.64
40.5x	$105.93	$74.89	$43.85	$12.80	$-18.24
42.5x	$109.33	$78.29	$47.24	$16.20	$-14.85
44.5x	$112.73	$81.68	$50.64	$19.59	$-11.45

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