TBCH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.56)
DCF	$12.29	-2.1%
Graham Number	$10.71	-14.7%
Reverse DCF	—	implied g: 5.3%
DDM	—	—
EV/EBITDA	$12.54	-0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $18.33M

Near-term growth (yrs 1–5)(%)Rev: -14.7% / EPS: -50.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 15.70%

Computed WACC: 15.70%

Cost of equity (Re)16.60%(Rf 4.30% + β 2.24 × ERP 5.50%)

Cost of debt (Rd)16.95%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)72.01%

Debt weight (D/V)27.99%

Results

Intrinsic Value / share$3.75

Current Price$12.56

Upside / Downside-70.2%

Net Debt (used)$84.42M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$12.44	$15.84	$19.79	$24.37	$29.64
8.0%	$9.45	$12.18	$15.36	$19.03	$23.26
9.0%	$7.37	$9.65	$12.29	$15.34	$18.85
10.0%	$5.85	$7.80	$10.05	$12.64	$15.62
11.0%	$4.69	$6.38	$8.33	$10.58	$13.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.89

Book Value / share($)Yahoo: $5.73

Results

Graham Number$10.71

Current Price$12.56

Margin of Safety-14.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 15.70%

Terminal growth rate(%)

Computed WACC: 15.70%

Cost of equity (Re)16.60%(Rf 4.30% + β 2.24 × ERP 5.50%)

Cost of debt (Rd)16.95%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)72.01%

Debt weight (D/V)27.99%

Results

Current Price$12.56

Implied Near-term FCF Growth19.8%

Historical Revenue Growth-14.7%

Historical Earnings Growth-50.0%

Base FCF (TTM)$18.33M

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$12.56

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $38.70M

Target EV/EBITDA multipleCurrent: 8.4×

Net Debt($B)Default: $84.42M

Results

Implied Equity Value / share$12.54

Current Price$12.56

Upside / Downside-0.2%

Implied EV$326.60M

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

Mult \ Net Debt	-$1.92B	-$915.58M	$84.42M	$1.08B	$2.08B
4.4x	$108.09	$56.31	$4.53	$-47.26	$-99.04
6.4x	$112.10	$60.32	$8.53	$-43.25	$-95.03
8.4x	$116.11	$64.32	$12.54	$-39.24	$-91.03
10.4x	$120.12	$68.33	$16.55	$-35.24	$-87.02
12.4x	$124.12	$72.34	$20.56	$-31.23	$-83.01

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