GTN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.27)
DCF	$-5.79	-209.9%
Graham Number	$14.67	+178.4%
Reverse DCF	—	implied g: 8.2%
DDM	$6.59	+25.1%
EV/EBITDA	$12.65	+140.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $279.62M

Near-term growth (yrs 1–5)(%)Rev: -24.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.85%

Computed WACC: 6.85%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.87 × ERP 5.50%)

Cost of debt (Rd)8.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)9.21%

Debt weight (D/V)90.79%

Results

Intrinsic Value / share$20.76

Current Price$5.27

Upside / Downside+293.9%

Net Debt (used)$5.45B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-5.34	$5.49	$18.08	$32.66	$49.44
8.0%	$-14.86	$-6.15	$3.97	$15.67	$29.13
9.0%	$-21.46	$-14.21	$-5.79	$3.92	$15.08
10.0%	$-26.31	$-20.12	$-12.95	$-4.69	$4.80
11.0%	$-30.02	$-24.64	$-18.42	$-11.26	$-3.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.43

Book Value / share($)Yahoo: $22.25

Results

Graham Number$14.67

Current Price$5.27

Margin of Safety+178.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.85%

Terminal growth rate(%)

Computed WACC: 6.85%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.87 × ERP 5.50%)

Cost of debt (Rd)8.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)9.21%

Debt weight (D/V)90.79%

Results

Current Price$5.27

Implied Near-term FCF Growth1.6%

Historical Revenue Growth-24.2%

Historical Earnings Growth—

Base FCF (TTM)$279.62M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$5.27

Upside / Downside+25.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $648.00M

Target EV/EBITDA multipleCurrent: 10.2×

Net Debt($B)Default: $5.45B

Results

Implied Equity Value / share$12.65

Current Price$5.27

Upside / Downside+140.0%

Implied EV$6.61B

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

Mult \ Net Debt	$3.45B	$4.45B	$5.45B	$6.45B	$7.45B
6.2x	$6.25	$-4.56	$-15.38	$-26.19	$-37.00
8.2x	$20.26	$9.45	$-1.36	$-12.18	$-22.99
10.2x	$34.27	$23.46	$12.65	$1.84	$-8.98
12.2x	$48.28	$37.47	$26.66	$15.85	$5.04
14.2x	$62.29	$51.48	$40.67	$29.86	$19.05

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