THRM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($32.30)
DCF	$39.67	+22.8%
Graham Number	$22.81	-29.4%
Reverse DCF	—	implied g: 5.2%
DDM	—	—
EV/EBITDA	$32.35	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $60.11M

Near-term growth (yrs 1–5)(%)Rev: 8.5% / EPS: -81.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.26%

Computed WACC: 9.26%

Cost of equity (Re)11.58%(Rf 4.30% + β 1.32 × 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)79.98%

Debt weight (D/V)20.02%

Results

Intrinsic Value / share$38.02

Current Price$32.30

Upside / Downside+17.7%

Net Debt (used)$85.99M

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

WACC \ Near-term	0.5%	4.5%	8.5%	12.5%	16.5%
7.0%	$40.95	$49.61	$59.63	$71.19	$84.46
8.0%	$32.91	$39.84	$47.87	$57.11	$67.70
9.0%	$27.35	$33.10	$39.74	$47.38	$56.13
10.0%	$23.27	$28.16	$33.80	$40.27	$47.68
11.0%	$20.16	$24.39	$29.26	$34.85	$41.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.98

Book Value / share($)Yahoo: $23.60

Results

Graham Number$22.81

Current Price$32.30

Margin of Safety-29.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.26%

Terminal growth rate(%)

Computed WACC: 9.26%

Cost of equity (Re)11.58%(Rf 4.30% + β 1.32 × 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)79.98%

Debt weight (D/V)20.02%

Results

Current Price$32.30

Implied Near-term FCF Growth5.9%

Historical Revenue Growth8.5%

Historical Earnings Growth-81.2%

Base FCF (TTM)$60.11M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$32.30

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $157.35M

Target EV/EBITDA multipleCurrent: 6.8×

Net Debt($B)Default: $85.99M

Results

Implied Equity Value / share$32.35

Current Price$32.30

Upside / Downside+0.1%

Implied EV$1.07B

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

Mult \ Net Debt	-$1.91B	-$914.01M	$85.99M	$1.09B	$2.09B
2.8x	$77.31	$44.51	$11.70	$-21.10	$-53.90
4.8x	$87.63	$54.83	$22.03	$-10.78	$-43.58
6.8x	$97.95	$65.15	$32.35	$-0.45	$-33.26
8.8x	$108.28	$75.47	$42.67	$9.87	$-22.93
10.8x	$118.60	$85.80	$53.00	$20.19	$-12.61

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