TBN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($32.20)
DCF	$-103.87	-422.6%
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: -$135.28M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.60%

Computed WACC: 8.60%

Cost of equity (Re)9.30%(Rf 4.30% + β 0.91 × 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)92.38%

Debt weight (D/V)7.62%

Results

Intrinsic Value / share$-110.83

Current Price$32.20

Upside / Downside-444.2%

Net Debt (used)-$23.28M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-104.77	$-126.17	$-151.06	$-179.87	$-213.05
8.0%	$-85.95	$-103.17	$-123.17	$-146.30	$-172.90
9.0%	$-72.90	$-87.24	$-103.87	$-123.07	$-145.13
10.0%	$-63.33	$-75.56	$-89.73	$-106.06	$-124.80
11.0%	$-55.99	$-66.62	$-78.91	$-93.06	$-109.29

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.90

Book Value / share($)Yahoo: $0.09

Results

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

Graham Number—

Current Price$32.20

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.60%

Terminal growth rate(%)

Computed WACC: 8.60%

Cost of equity (Re)9.30%(Rf 4.30% + β 0.91 × 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)92.38%

Debt weight (D/V)7.62%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$32.20

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$135.28M

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$32.20

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$28.04M

Target EV/EBITDA multipleCurrent: -29.9×

Net Debt($B)Default: -$23.28M

Results

Implied Equity Value / share$38.03

Current Price$32.20

Upside / Downside+18.1%

Implied EV$837.59M

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