TCI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.07)
DCF	$-260.16	-821.3%
Graham Number	$37.67	+4.4%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$38.31	+6.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$97.86M

Near-term growth (yrs 1–5)(%)Rev: 7.9% / EPS: -59.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.28%

Computed WACC: 5.28%

Cost of equity (Re)6.66%(Rf 4.30% + β 0.43 × ERP 5.50%)

Cost of debt (Rd)4.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)58.24%

Debt weight (D/V)41.76%

Results

Intrinsic Value / share$-591.47

Current Price$36.07

Upside / Downside-1739.8%

Net Debt (used)$211.59M

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

WACC \ Near-term	-0.1%	3.9%	7.9%	11.9%	15.9%
7.0%	$-266.50	$-314.53	$-370.22	$-434.47	$-508.24
8.0%	$-222.25	$-260.76	$-305.36	$-356.75	$-415.70
9.0%	$-191.64	$-223.60	$-260.55	$-303.08	$-351.82
10.0%	$-169.22	$-196.39	$-227.76	$-263.83	$-305.12
11.0%	$-152.09	$-175.62	$-202.75	$-233.91	$-269.54

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.65

Book Value / share($)Yahoo: $97.04

Results

Graham Number$37.67

Current Price$36.07

Margin of Safety+4.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.28%

Terminal growth rate(%)

Computed WACC: 5.28%

Cost of equity (Re)6.66%(Rf 4.30% + β 0.43 × ERP 5.50%)

Cost of debt (Rd)4.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)58.24%

Debt weight (D/V)41.76%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$36.07

Implied Near-term FCF Growth—

Historical Revenue Growth7.9%

Historical Earnings Growth-59.5%

Base FCF (TTM)-$97.86M

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$36.07

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $7.13M

Target EV/EBITDA multipleCurrent: 76.1×

Net Debt($B)Default: $211.59M

Results

Implied Equity Value / share$38.31

Current Price$36.07

Upside / Downside+6.2%

Implied EV$542.58M

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

Mult \ Net Debt	-$1.79B	-$788.41M	$211.59M	$1.21B	$2.21B
72.1x	$266.51	$150.76	$35.01	$-80.74	$-196.49
74.1x	$268.16	$152.41	$36.66	$-79.09	$-194.84
76.1x	$269.81	$154.06	$38.31	$-77.44	$-193.19
78.1x	$271.46	$155.71	$39.96	$-75.79	$-191.54
80.1x	$273.11	$157.36	$41.61	$-74.14	$-189.89

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