TBRG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.66)
DCF	$27.64	+48.1%
Graham Number	$8.19	-56.1%
Reverse DCF	—	implied g: 0.3%
DDM	—	—
EV/EBITDA	$18.47	-1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $32.00M

Near-term growth (yrs 1–5)(%)Rev: 1.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.94%

Computed WACC: 4.94%

Cost of equity (Re)7.89%(Rf 4.30% + β 0.65 × 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)62.67%

Debt weight (D/V)37.33%

Results

Intrinsic Value / share$90.70

Current Price$18.66

Upside / Downside+386.1%

Net Debt (used)$146.94M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$27.96	$35.59	$44.47	$54.75	$66.59
8.0%	$21.24	$27.39	$34.52	$42.77	$52.26
9.0%	$16.59	$21.70	$27.64	$34.49	$42.36
10.0%	$13.17	$17.54	$22.59	$28.42	$35.11
11.0%	$10.55	$14.35	$18.73	$23.78	$29.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.24

Book Value / share($)Yahoo: $12.41

Results

Graham Number$8.19

Current Price$18.66

Margin of Safety-56.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.94%

Terminal growth rate(%)

Computed WACC: 4.94%

Cost of equity (Re)7.89%(Rf 4.30% + β 0.65 × 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)62.67%

Debt weight (D/V)37.33%

Results

Current Price$18.66

Implied Near-term FCF Growth-13.3%

Historical Revenue Growth1.7%

Historical Earnings Growth—

Base FCF (TTM)$32.00M

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$18.66

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $46.34M

Target EV/EBITDA multipleCurrent: 9.2×

Net Debt($B)Default: $146.94M

Results

Implied Equity Value / share$18.47

Current Price$18.66

Upside / Downside-1.0%

Implied EV$424.15M

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

Mult \ Net Debt	-$1.85B	-$853.06M	$146.94M	$1.15B	$2.15B
5.2x	$139.37	$72.75	$6.12	$-60.51	$-127.13
7.2x	$145.55	$78.92	$12.30	$-54.33	$-120.96
9.2x	$151.72	$85.10	$18.47	$-48.16	$-114.78
11.2x	$157.90	$91.27	$24.64	$-41.98	$-108.61
13.2x	$164.07	$97.44	$30.82	$-35.81	$-102.44

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