THRY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.67)
DCF	$21.58	+708.4%
Graham Number	$7.48	+180.3%
Reverse DCF	—	implied g: -15.1%
DDM	—	—
EV/EBITDA	$2.35	-12.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $67.85M

Near-term growth (yrs 1–5)(%)Rev: 2.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.88%

Computed WACC: 2.88%

Cost of equity (Re)9.30%(Rf 4.30% + β 0.91 × 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)30.98%

Debt weight (D/V)69.02%

Results

Intrinsic Value / share$467.60

Current Price$2.67

Upside / Downside+17413.1%

Net Debt (used)$250.58M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$21.82	$27.39	$33.88	$41.39	$50.03
8.0%	$16.91	$21.40	$26.61	$32.64	$39.57
9.0%	$13.51	$17.25	$21.58	$26.59	$32.34
10.0%	$11.02	$14.21	$17.90	$22.15	$27.04
11.0%	$9.11	$11.88	$15.08	$18.77	$22.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.50

Book Value / share($)Yahoo: $4.98

Results

Graham Number$7.48

Current Price$2.67

Margin of Safety+180.3%

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)9.30%(Rf 4.30% + β 0.91 × 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)30.98%

Debt weight (D/V)69.02%

Results

Current Price$2.67

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth2.7%

Historical Earnings Growth—

Base FCF (TTM)$67.85M

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$2.67

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $61.40M

Target EV/EBITDA multipleCurrent: 5.8×

Net Debt($B)Default: $250.58M

Results

Implied Equity Value / share$2.35

Current Price$2.67

Upside / Downside-12.0%

Implied EV$353.03M

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

Mult \ Net Debt	-$1.75B	-$749.42M	$250.58M	$1.25B	$2.25B
1.8x	$42.61	$19.66	$-3.28	$-26.23	$-49.18
3.8x	$45.43	$22.48	$-0.47	$-23.41	$-46.36
5.8x	$48.25	$25.30	$2.35	$-20.60	$-43.55
7.8x	$51.06	$28.12	$5.17	$-17.78	$-40.73
9.8x	$53.88	$30.93	$7.99	$-14.96	$-37.91

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