TGLS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.13)
DCF	$11.97	-73.5%
Graham Number	$37.11	-17.8%
Reverse DCF	—	implied g: 26.8%
DDM	$12.36	-72.6%
EV/EBITDA	$43.77	-3.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $35.59M

Near-term growth (yrs 1–5)(%)Rev: 2.4% / EPS: -43.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.90%

Computed WACC: 12.90%

Cost of equity (Re)13.68%(Rf 4.30% + β 1.71 × ERP 5.50%)

Cost of debt (Rd)4.18%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.45%

Debt weight (D/V)7.55%

Results

Intrinsic Value / share$6.88

Current Price$45.13

Upside / Downside-84.8%

Net Debt (used)$67.58M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$12.08	$14.82	$18.00	$21.69	$25.93
8.0%	$9.67	$11.88	$14.44	$17.39	$20.80
9.0%	$8.01	$9.84	$11.97	$14.42	$17.25
10.0%	$6.78	$8.35	$10.16	$12.25	$14.65
11.0%	$5.84	$7.20	$8.77	$10.58	$12.66

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.84

Book Value / share($)Yahoo: $15.94

Results

Graham Number$37.11

Current Price$45.13

Margin of Safety-17.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.90%

Terminal growth rate(%)

Computed WACC: 12.90%

Cost of equity (Re)13.68%(Rf 4.30% + β 1.71 × ERP 5.50%)

Cost of debt (Rd)4.18%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.45%

Debt weight (D/V)7.55%

Results

Current Price$45.13

Implied Near-term FCF Growth38.1%

Historical Revenue Growth2.4%

Historical Earnings Growth-43.1%

Base FCF (TTM)$35.59M

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$45.13

Upside / Downside-72.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $267.51M

Target EV/EBITDA multipleCurrent: 7.9×

Net Debt($B)Default: $67.58M

Results

Implied Equity Value / share$43.77

Current Price$45.13

Upside / Downside-3.0%

Implied EV$2.11B

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

Mult \ Net Debt	-$1.93B	-$932.42M	$67.58M	$1.07B	$2.07B
3.9x	$63.74	$42.26	$20.79	$-0.68	$-22.16
5.9x	$75.23	$53.75	$32.28	$10.81	$-10.67
7.9x	$86.71	$65.24	$43.77	$22.29	$0.82
9.9x	$98.20	$76.73	$55.26	$33.78	$12.31
11.9x	$109.69	$88.22	$66.74	$45.27	$23.80

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