RYZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($27.54)
DCF	$14.14	-48.6%
Graham Number	—	—
Reverse DCF	—	implied g: 16.1%
DDM	$15.45	-43.9%
EV/EBITDA	$27.74	+0.7%

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: 9.58%

Computed WACC: 9.58%

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)63.12%

Debt weight (D/V)36.88%

Results

Intrinsic Value / share$11.60

Current Price$27.54

Upside / Downside-57.9%

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%	$15.24	$21.30	$28.31	$36.37	$45.62
8.0%	$9.51	$14.36	$19.96	$26.40	$33.77
9.0%	$5.55	$9.56	$14.19	$19.51	$25.60
10.0%	$2.65	$6.06	$9.98	$14.48	$19.63
11.0%	$0.44	$3.38	$6.77	$10.65	$15.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.76

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$27.54

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.58%

Terminal growth rate(%)

Computed WACC: 9.58%

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)63.12%

Debt weight (D/V)36.88%

Results

Current Price$27.54

Implied Near-term FCF Growth17.8%

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$27.54

Upside / Downside-43.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $54.70M

Target EV/EBITDA multipleCurrent: 40.8×

Net Debt($B)Default: $805.40M

Results

Implied Equity Value / share$27.74

Current Price$27.54

Upside / Downside+0.7%

Implied EV$2.23B

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

Mult \ Net Debt	-$1.19B	-$194.60M	$805.40M	$1.81B	$2.81B
36.8x	$62.34	$42.92	$23.49	$4.07	$-15.35
38.8x	$64.47	$45.04	$25.62	$6.19	$-13.23
40.8x	$66.59	$47.17	$27.74	$8.32	$-11.10
42.8x	$68.72	$49.29	$29.87	$10.44	$-8.98
44.8x	$70.84	$51.42	$31.99	$12.57	$-6.85

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