RYN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.64)
DCF	$-7.40	-134.2%
Graham Number	$12.03	-44.4%
Reverse DCF	—	—
DDM	$22.25	+2.8%
EV/EBITDA	$11.69	-46.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$115.18M

Near-term growth (yrs 1–5)(%)Rev: -83.8% / EPS: -92.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.50%

Computed WACC: 8.50%

Cost of equity (Re)9.87%(Rf 4.30% + β 1.01 × 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)86.13%

Debt weight (D/V)13.87%

Results

Intrinsic Value / share$-7.97

Current Price$21.64

Upside / Downside-136.8%

Net Debt (used)$216.10M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-7.46	$-8.83	$-10.41	$-12.25	$-14.36
8.0%	$-6.26	$-7.36	$-8.63	$-10.11	$-11.80
9.0%	$-5.43	$-6.34	$-7.40	$-8.63	$-10.03
10.0%	$-4.82	$-5.60	$-6.50	$-7.54	$-8.74
11.0%	$-4.35	$-5.03	$-5.81	$-6.71	$-7.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.47

Book Value / share($)Yahoo: $13.69

Results

Graham Number$12.03

Current Price$21.64

Margin of Safety-44.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.50%

Terminal growth rate(%)

Computed WACC: 8.50%

Cost of equity (Re)9.87%(Rf 4.30% + β 1.01 × 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)86.13%

Debt weight (D/V)13.87%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$21.64

Implied Near-term FCF Growth—

Historical Revenue Growth-83.8%

Historical Earnings Growth-92.5%

Base FCF (TTM)-$115.18M

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: $1.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$22.25

Current Price$21.64

Upside / Downside+2.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $189.80M

Target EV/EBITDA multipleCurrent: 19.8×

Net Debt($B)Default: $216.10M

Results

Implied Equity Value / share$11.69

Current Price$21.64

Upside / Downside-46.0%

Implied EV$3.75B

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

Mult \ Net Debt	-$1.78B	-$783.90M	$216.10M	$1.22B	$2.22B
15.8x	$15.79	$12.49	$9.18	$5.87	$2.56
17.8x	$17.05	$13.74	$10.43	$7.13	$3.82
19.8x	$18.30	$15.00	$11.69	$8.38	$5.07
21.8x	$19.56	$16.25	$12.94	$9.64	$6.33
23.8x	$20.82	$17.51	$14.20	$10.89	$7.58

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