TERN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($42.12)
DCF	$-5.57	-113.2%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$51.27M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.73%

Computed WACC: 2.73%

Cost of equity (Re)2.73%(Rf 4.30% + β -0.28 × 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)99.98%

Debt weight (D/V)0.02%

Results

Intrinsic Value / share$-234.14

Current Price$42.12

Upside / Downside-655.9%

Net Debt (used)-$294.61M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-5.64	$-7.33	$-9.29	$-11.56	$-14.18
8.0%	$-4.15	$-5.51	$-7.09	$-8.91	$-11.01
9.0%	$-3.12	$-4.26	$-5.57	$-7.08	$-8.82
10.0%	$-2.37	$-3.33	$-4.45	$-5.74	$-7.22
11.0%	$-1.79	$-2.63	$-3.60	$-4.71	$-5.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.02

Book Value / share($)Yahoo: $3.25

Results

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

Graham Number—

Current Price$42.12

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.73%

Terminal growth rate(%)

Computed WACC: 2.73%

Cost of equity (Re)2.73%(Rf 4.30% + β -0.28 × 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)99.98%

Debt weight (D/V)0.02%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$42.12

Implied Near-term FCF Growth—

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)-$51.27M

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$42.12

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$108.33M

Target EV/EBITDA multipleCurrent: -32.3×

Net Debt($B)Default: -$294.61M

Results

Implied Equity Value / share$34.88

Current Price$42.12

Upside / Downside-17.2%

Implied EV$3.50B

← Overview Financial Statements ← Companies