THO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($89.02)
DCF	$130.43	+46.5%
Graham Number	$98.29	+10.4%
Reverse DCF	—	implied g: 5.4%
DDM	$42.85	-51.9%
EV/EBITDA	$95.74	+7.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $286.11M

Near-term growth (yrs 1–5)(%)Rev: 11.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.16%

Computed WACC: 10.16%

Cost of equity (Re)12.01%(Rf 4.30% + β 1.40 × ERP 5.50%)

Cost of debt (Rd)1.43%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.07%

Debt weight (D/V)16.93%

Results

Intrinsic Value / share$108.01

Current Price$89.02

Upside / Downside+21.3%

Net Debt (used)$448.59M

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

WACC \ Near-term	3.5%	7.5%	11.5%	15.5%	19.5%
7.0%	$136.92	$165.08	$197.60	$234.97	$277.72
8.0%	$109.56	$132.05	$157.98	$187.76	$221.80
9.0%	$90.67	$109.25	$130.66	$155.22	$183.26
10.0%	$76.86	$92.60	$110.71	$131.46	$155.14
11.0%	$66.34	$79.91	$95.52	$113.39	$133.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.28

Book Value / share($)Yahoo: $81.32

Results

Graham Number$98.29

Current Price$89.02

Margin of Safety+10.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.16%

Terminal growth rate(%)

Computed WACC: 10.16%

Cost of equity (Re)12.01%(Rf 4.30% + β 1.40 × ERP 5.50%)

Cost of debt (Rd)1.43%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.07%

Debt weight (D/V)16.93%

Results

Current Price$89.02

Implied Near-term FCF Growth8.4%

Historical Revenue Growth11.5%

Historical Earnings Growth—

Base FCF (TTM)$286.11M

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$89.02

Upside / Downside-51.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $609.62M

Target EV/EBITDA multipleCurrent: 9.0×

Net Debt($B)Default: $448.59M

Results

Implied Equity Value / share$95.74

Current Price$89.02

Upside / Downside+7.6%

Implied EV$5.51B

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

Mult \ Net Debt	-$1.55B	-$551.41M	$448.59M	$1.45B	$2.45B
5.0x	$87.44	$68.52	$49.59	$30.66	$11.74
7.0x	$110.52	$91.59	$72.66	$53.74	$34.81
9.0x	$133.59	$114.66	$95.74	$76.81	$57.89
11.0x	$156.67	$137.74	$118.81	$99.89	$80.96
13.0x	$179.74	$160.81	$141.89	$122.96	$104.04

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