TCPC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.09)
DCF	$15.54	+280.0%
Graham Number	—	—
Reverse DCF	—	implied g: 4.0%
DDM	$18.95	+363.4%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $80.65M

Near-term growth (yrs 1–5)(%)Rev: -28.8% / EPS: 13.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.95%

Computed WACC: 5.95%

Cost of equity (Re)9.29%(Rf 4.30% + β 0.91 × ERP 5.50%)

Cost of debt (Rd)6.14%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)24.81%

Debt weight (D/V)75.19%

Results

Intrinsic Value / share$42.09

Current Price$4.09

Upside / Downside+929.1%

Net Debt (used)$990.62M

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

WACC \ Near-term	5.4%	9.4%	13.4%	17.4%	21.4%
7.0%	$17.04	$22.53	$28.85	$36.10	$44.38
8.0%	$11.56	$15.94	$20.97	$26.74	$33.32
9.0%	$7.79	$11.39	$15.54	$20.29	$25.70
10.0%	$5.03	$8.08	$11.58	$15.59	$20.15
11.0%	$2.93	$5.56	$8.57	$12.01	$15.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.12

Book Value / share($)Yahoo: $8.71

Results

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

Graham Number—

Current Price$4.09

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.95%

Terminal growth rate(%)

Computed WACC: 5.95%

Cost of equity (Re)9.29%(Rf 4.30% + β 0.91 × ERP 5.50%)

Cost of debt (Rd)6.14%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)24.81%

Debt weight (D/V)75.19%

Results

Current Price$4.09

Implied Near-term FCF Growth-5.6%

Historical Revenue Growth-28.8%

Historical Earnings Growth13.4%

Base FCF (TTM)$80.65M

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: $0.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.95

Current Price$4.09

Upside / Downside+363.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $990.62M

Results

Implied Equity Value / share$-11.68

Current Price$4.09

Upside / Downside-385.5%

Implied EV$0

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