TCX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.33)
DCF	$-91.28	-598.0%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$18.34	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$20.33M

Near-term growth (yrs 1–5)(%)Rev: 6.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.30%

Computed WACC: 2.30%

Cost of equity (Re)10.02%(Rf 4.30% + β 1.04 × 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)22.99%

Debt weight (D/V)77.01%

Results

Intrinsic Value / share—

Current Price$18.33

Upside / Downside—

Net Debt (used)$634.98M

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

WACC \ Near-term	-2.0%	2.0%	6.0%	10.0%	14.0%
7.0%	$-91.76	$-98.71	$-106.78	$-116.12	$-126.86
8.0%	$-85.55	$-91.14	$-97.62	$-105.10	$-113.70
9.0%	$-81.25	$-85.89	$-91.28	$-97.48	$-104.60
10.0%	$-78.09	$-82.05	$-86.63	$-91.90	$-97.95
11.0%	$-75.68	$-79.11	$-83.08	$-87.65	$-92.87

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-8.74

Book Value / share($)Yahoo: $-14.78

Results

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

Graham Number—

Current Price$18.33

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.30%

Terminal growth rate(%)

Computed WACC: 2.30%

Cost of equity (Re)10.02%(Rf 4.30% + β 1.04 × 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)22.99%

Debt weight (D/V)77.01%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$18.33

Implied Near-term FCF Growth—

Historical Revenue Growth6.0%

Historical Earnings Growth—

Base FCF (TTM)-$20.33M

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$18.33

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $27.61M

Target EV/EBITDA multipleCurrent: 30.4×

Net Debt($B)Default: $634.98M

Results

Implied Equity Value / share$18.34

Current Price$18.33

Upside / Downside+0.1%

Implied EV$838.64M

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

Mult \ Net Debt	-$1.37B	-$365.02M	$634.98M	$1.63B	$2.63B
26.4x	$188.51	$98.46	$8.40	$-81.66	$-171.72
28.4x	$193.49	$103.43	$13.37	$-76.69	$-166.75
30.4x	$198.46	$108.40	$18.34	$-71.72	$-161.77
32.4x	$203.43	$113.37	$23.31	$-66.74	$-156.80
34.4x	$208.40	$118.34	$28.29	$-61.77	$-151.83

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