TGNA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.86)
DCF	$21.17	+1.5%
Graham Number	$30.16	+44.6%
Reverse DCF	—	implied g: 4.9%
DDM	$10.30	-50.6%
EV/EBITDA	$20.95	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $328.49M

Near-term growth (yrs 1–5)(%)Rev: -19.3% / EPS: -74.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.88%

Computed WACC: 2.88%

Cost of equity (Re)5.10%(Rf 4.30% + β 0.14 × 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)56.47%

Debt weight (D/V)43.53%

Results

Intrinsic Value / share$605.42

Current Price$20.86

Upside / Downside+2802.3%

Net Debt (used)$2.36B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$21.48	$28.78	$37.28	$47.11	$58.44
8.0%	$15.05	$20.93	$27.76	$35.65	$44.73
9.0%	$10.60	$15.49	$21.17	$27.72	$35.25
10.0%	$7.33	$11.51	$16.34	$21.92	$28.31
11.0%	$4.83	$8.45	$12.65	$17.48	$23.02

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.09

Book Value / share($)Yahoo: $19.35

Results

Graham Number$30.16

Current Price$20.86

Margin of Safety+44.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.88%

Terminal growth rate(%)

Computed WACC: 2.88%

Cost of equity (Re)5.10%(Rf 4.30% + β 0.14 × 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)56.47%

Debt weight (D/V)43.53%

Results

Current Price$20.86

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-19.3%

Historical Earnings Growth-74.2%

Base FCF (TTM)$328.49M

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: $0.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.30

Current Price$20.86

Upside / Downside-50.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $697.62M

Target EV/EBITDA multipleCurrent: 8.2×

Net Debt($B)Default: $2.36B

Results

Implied Equity Value / share$20.95

Current Price$20.86

Upside / Downside+0.4%

Implied EV$5.73B

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

Mult \ Net Debt	$357.35M	$1.36B	$2.36B	$3.36B	$4.36B
4.2x	$16.04	$9.83	$3.62	$-2.58	$-8.79
6.2x	$24.71	$18.50	$12.29	$6.08	$-0.13
8.2x	$33.37	$27.16	$20.95	$14.74	$8.53
10.2x	$42.03	$35.82	$29.61	$23.40	$17.20
12.2x	$50.69	$44.49	$38.28	$32.07	$25.86

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