TCBS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.65)
DCF	$-12.97	-177.9%
Graham Number	$19.43	+16.7%
Reverse DCF	—	—
DDM	$4.12	-75.3%
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: 12.6% / EPS: 41.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.45%

Computed WACC: 10.45%

Cost of equity (Re)4.53%(Rf 4.30% + β 0.04 × ERP 5.50%)

Cost of debt (Rd)20.30%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.60%

Debt weight (D/V)51.40%

Results

Intrinsic Value / share$-12.97

Current Price$16.65

Upside / Downside-177.9%

Net Debt (used)$35.29M

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

WACC \ Near-term	33.2%	37.2%	41.2%	45.2%	49.2%
7.0%	$-12.97	$-12.97	$-12.97	$-12.97	$-12.97
8.0%	$-12.97	$-12.97	$-12.97	$-12.97	$-12.97
9.0%	$-12.97	$-12.97	$-12.97	$-12.97	$-12.97
10.0%	$-12.97	$-12.97	$-12.97	$-12.97	$-12.97
11.0%	$-12.97	$-12.97	$-12.97	$-12.97	$-12.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.86

Book Value / share($)Yahoo: $19.51

Results

Graham Number$19.43

Current Price$16.65

Margin of Safety+16.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.45%

Terminal growth rate(%)

Computed WACC: 10.45%

Cost of equity (Re)4.53%(Rf 4.30% + β 0.04 × ERP 5.50%)

Cost of debt (Rd)20.30%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.60%

Debt weight (D/V)51.40%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$16.65

Implied Near-term FCF Growth—

Historical Revenue Growth12.6%

Historical Earnings Growth41.2%

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$16.65

Upside / Downside-75.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $35.29M

Results

Implied Equity Value / share$-12.97

Current Price$16.65

Upside / Downside-177.9%

Implied EV$0

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