TAP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($48.59)
DCF	$38.43	-20.9%
Graham Number	—	—
Reverse DCF	—	implied g: 7.3%
DDM	$39.55	-18.6%
EV/EBITDA	$53.78	+10.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $699.50M

Near-term growth (yrs 1–5)(%)Rev: -2.7% / EPS: -12.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.17%

Computed WACC: 4.17%

Cost of equity (Re)7.00%(Rf 4.30% + β 0.49 × 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)59.56%

Debt weight (D/V)40.44%

Results

Intrinsic Value / share$243.30

Current Price$48.59

Upside / Downside+400.7%

Net Debt (used)$5.53B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$39.03	$53.30	$69.89	$89.10	$111.22
8.0%	$26.48	$37.96	$51.30	$66.71	$84.45
9.0%	$17.78	$27.34	$38.43	$51.23	$65.94
10.0%	$11.40	$19.55	$29.00	$39.89	$52.39
11.0%	$6.51	$13.60	$21.79	$31.22	$42.04

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-10.75

Book Value / share($)Yahoo: $53.62

Results

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

Graham Number—

Current Price$48.59

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.17%

Terminal growth rate(%)

Computed WACC: 4.17%

Cost of equity (Re)7.00%(Rf 4.30% + β 0.49 × 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)59.56%

Debt weight (D/V)40.44%

Results

Current Price$48.59

Implied Near-term FCF Growth-12.3%

Historical Revenue Growth-2.7%

Historical Earnings Growth-12.5%

Base FCF (TTM)$699.50M

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: $1.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$39.55

Current Price$48.59

Upside / Downside-18.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.36B

Target EV/EBITDA multipleCurrent: 6.3×

Net Debt($B)Default: $5.53B

Results

Implied Equity Value / share$53.78

Current Price$48.59

Upside / Downside+10.7%

Implied EV$14.98B

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

Mult \ Net Debt	$3.53B	$4.53B	$5.53B	$6.53B	$7.53B
2.3x	$11.34	$5.64	$-0.05	$-5.75	$-11.44
4.3x	$38.26	$32.56	$26.87	$21.17	$15.48
6.3x	$65.17	$59.48	$53.78	$48.09	$42.39
8.3x	$92.09	$86.40	$80.70	$75.01	$69.31
10.3x	$119.01	$113.31	$107.62	$101.92	$96.23

← Overview Financial Statements ← Companies