TARS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($77.43)
DCF	$-14.61	-118.9%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$164,000

Near-term growth (yrs 1–5)(%)Rev: 128.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.55%

Computed WACC: 7.55%

Cost of equity (Re)7.49%(Rf 4.30% + β 0.58 × ERP 5.50%)

Cost of debt (Rd)12.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.54%

Debt weight (D/V)2.46%

Results

Intrinsic Value / share$-24.00

Current Price$77.43

Upside / Downside-131.0%

Net Debt (used)-$334.23M

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

WACC \ Near-term	120.4%	124.4%	128.4%	132.4%	136.4%
7.0%	$-23.20	$-26.11	$-29.25	$-32.61	$-36.21
8.0%	$-15.89	$-18.13	$-20.52	$-23.09	$-25.84
9.0%	$-10.95	$-12.71	$-14.61	$-16.64	$-18.82
10.0%	$-7.41	$-8.84	$-10.38	$-12.03	$-13.79
11.0%	$-4.77	$-5.95	$-7.23	$-8.59	$-10.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.59

Book Value / share($)Yahoo: $8.07

Results

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

Graham Number—

Current Price$77.43

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.55%

Terminal growth rate(%)

Computed WACC: 7.55%

Cost of equity (Re)7.49%(Rf 4.30% + β 0.58 × ERP 5.50%)

Cost of debt (Rd)12.39%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.54%

Debt weight (D/V)2.46%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$77.43

Implied Near-term FCF Growth—

Historical Revenue Growth128.4%

Historical Earnings Growth—

Base FCF (TTM)-$164,000

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$77.43

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$69.15M

Target EV/EBITDA multipleCurrent: -42.8×

Net Debt($B)Default: -$334.23M

Results

Implied Equity Value / share$77.43

Current Price$77.43

Upside / Downside-0.0%

Implied EV$2.96B

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