TFX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($122.93)
DCF	$-49.61	-140.4%
Graham Number	—	—
Reverse DCF	—	implied g: 72.8%
DDM	$28.02	-77.2%
EV/EBITDA	$122.95	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $12.83M

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

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.95%

Computed WACC: 5.95%

Cost of equity (Re)9.04%(Rf 4.30% + β 0.86 × 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)65.81%

Debt weight (D/V)34.19%

Results

Intrinsic Value / share$-45.05

Current Price$122.93

Upside / Downside-136.6%

Net Debt (used)$2.42B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-49.56	$-48.53	$-47.32	$-45.92	$-44.31
8.0%	$-50.48	$-49.64	$-48.67	$-47.55	$-46.26
9.0%	$-51.11	$-50.42	$-49.61	$-48.68	$-47.60
10.0%	$-51.58	$-50.98	$-50.30	$-49.50	$-48.59
11.0%	$-51.93	$-51.42	$-50.82	$-50.13	$-49.35

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-7.17

Book Value / share($)Yahoo: $70.70

Results

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

Graham Number—

Current Price$122.93

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)9.04%(Rf 4.30% + β 0.86 × 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)65.81%

Debt weight (D/V)34.19%

Results

Current Price$122.93

Implied Near-term FCF Growth56.0%

Historical Revenue Growth—

Historical Earnings Growth—

Base FCF (TTM)$12.83M

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: $1.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.02

Current Price$122.93

Upside / Downside-77.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $469.19M

Target EV/EBITDA multipleCurrent: 16.7×

Net Debt($B)Default: $2.42B

Results

Implied Equity Value / share$122.95

Current Price$122.93

Upside / Downside+0.0%

Implied EV$7.85B

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

Mult \ Net Debt	$417.60M	$1.42B	$2.42B	$3.42B	$4.42B
12.7x	$125.74	$103.11	$80.49	$57.86	$35.23
14.7x	$146.97	$124.35	$101.72	$79.09	$56.46
16.7x	$168.21	$145.58	$122.95	$100.32	$77.70
18.7x	$189.44	$166.81	$144.18	$121.56	$98.93
20.7x	$210.67	$188.05	$165.42	$142.79	$120.16

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