TCBI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($96.39)
DCF	$20.56	-78.7%
Graham Number	$107.24	+11.3%
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: —

Near-term growth (yrs 1–5)(%)Rev: 19.1% / EPS: 49.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.34%

Computed WACC: 6.34%

Cost of equity (Re)8.08%(Rf 4.30% + β 0.69 × 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)78.48%

Debt weight (D/V)21.52%

Results

Intrinsic Value / share$20.56

Current Price$96.39

Upside / Downside-78.7%

Net Debt (used)-$908.33M

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

WACC \ Near-term	41.0%	45.0%	49.0%	53.0%	57.0%
7.0%	$20.56	$20.56	$20.56	$20.56	$20.56
8.0%	$20.56	$20.56	$20.56	$20.56	$20.56
9.0%	$20.56	$20.56	$20.56	$20.56	$20.56
10.0%	$20.56	$20.56	$20.56	$20.56	$20.56
11.0%	$20.56	$20.56	$20.56	$20.56	$20.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.79

Book Value / share($)Yahoo: $75.28

Results

Graham Number$107.24

Current Price$96.39

Margin of Safety+11.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.34%

Terminal growth rate(%)

Computed WACC: 6.34%

Cost of equity (Re)8.08%(Rf 4.30% + β 0.69 × 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)78.48%

Debt weight (D/V)21.52%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$96.39

Implied Near-term FCF Growth—

Historical Revenue Growth19.1%

Historical Earnings Growth49.0%

Base FCF (TTM)—

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$96.39

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$908.33M

Results

Implied Equity Value / share$20.56

Current Price$96.39

Upside / Downside-78.7%

Implied EV$0

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