TDG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1316.26)
DCF	$205.12	-84.4%
Graham Number	—	—
Reverse DCF	—	implied g: 31.0%
DDM	—	—
EV/EBITDA	$1316.38	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.33B

Near-term growth (yrs 1–5)(%)Rev: 13.9% / EPS: -12.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.57%

Computed WACC: 6.57%

Cost of equity (Re)9.22%(Rf 4.30% + β 0.90 × 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)71.21%

Debt weight (D/V)28.79%

Results

Intrinsic Value / share$664.52

Current Price$1316.26

Upside / Downside-49.5%

Net Debt (used)$27.52B

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

WACC \ Near-term	5.9%	9.9%	13.9%	17.9%	21.9%
7.0%	$246.39	$386.09	$546.96	$731.36	$941.81
8.0%	$105.96	$217.24	$345.25	$491.86	$659.05
9.0%	$9.14	$100.88	$206.30	$326.92	$464.37
10.0%	$-61.54	$15.96	$104.94	$206.66	$322.47
11.0%	$-115.33	$-48.62	$27.89	$115.27	$214.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $31.06

Book Value / share($)Yahoo: $-164.37

Results

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

Graham Number—

Current Price$1316.26

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.57%

Terminal growth rate(%)

Computed WACC: 6.57%

Cost of equity (Re)9.22%(Rf 4.30% + β 0.90 × 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)71.21%

Debt weight (D/V)28.79%

Results

Current Price$1316.26

Implied Near-term FCF Growth21.4%

Historical Revenue Growth13.9%

Historical Earnings Growth-12.9%

Base FCF (TTM)$1.33B

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$1316.26

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.64B

Target EV/EBITDA multipleCurrent: 21.9×

Net Debt($B)Default: $27.52B

Results

Implied Equity Value / share$1316.38

Current Price$1316.26

Upside / Downside+0.0%

Implied EV$101.86B

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

Mult \ Net Debt	$13.52B	$20.52B	$27.52B	$34.52B	$41.52B
17.9x	$1235.35	$1111.40	$987.45	$863.50	$739.55
19.9x	$1399.82	$1275.87	$1151.92	$1027.97	$904.01
21.9x	$1564.29	$1440.33	$1316.38	$1192.43	$1068.48
23.9x	$1728.75	$1604.80	$1480.85	$1356.90	$1232.95
25.9x	$1893.22	$1769.27	$1645.32	$1521.36	$1397.41

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