THFF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.80)
DCF	$-29.45	-145.4%
Graham Number	$90.74	+40.0%
Reverse DCF	—	—
DDM	$43.05	-33.6%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 4.8% / EPS: 31.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.04%

Computed WACC: 4.04%

Cost of equity (Re)6.56%(Rf 4.30% + β 0.41 × 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)61.56%

Debt weight (D/V)38.44%

Results

Intrinsic Value / share$-29.45

Current Price$64.80

Upside / Downside-145.4%

Net Debt (used)$349.83M

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

WACC \ Near-term	23.4%	27.4%	31.4%	35.4%	39.4%
7.0%	$-29.45	$-29.45	$-29.45	$-29.45	$-29.45
8.0%	$-29.45	$-29.45	$-29.45	$-29.45	$-29.45
9.0%	$-29.45	$-29.45	$-29.45	$-29.45	$-29.45
10.0%	$-29.45	$-29.45	$-29.45	$-29.45	$-29.45
11.0%	$-29.45	$-29.45	$-29.45	$-29.45	$-29.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.68

Book Value / share($)Yahoo: $54.78

Results

Graham Number$90.74

Current Price$64.80

Margin of Safety+40.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.04%

Terminal growth rate(%)

Computed WACC: 4.04%

Cost of equity (Re)6.56%(Rf 4.30% + β 0.41 × 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)61.56%

Debt weight (D/V)38.44%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$64.80

Implied Near-term FCF Growth—

Historical Revenue Growth4.8%

Historical Earnings Growth31.4%

Base FCF (TTM)—

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: $2.09

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$43.05

Current Price$64.80

Upside / Downside-33.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $349.83M

Results

Implied Equity Value / share$-29.45

Current Price$64.80

Upside / Downside-145.4%

Implied EV$0

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