TILE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($30.38)
DCF	$33.51	+10.3%
Graham Number	$22.09	-27.3%
Reverse DCF	—	implied g: 9.1%
DDM	$2.47	-91.9%
EV/EBITDA	$30.16	-0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $88.70M

Near-term growth (yrs 1–5)(%)Rev: 4.3% / EPS: 10.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.62%

Computed WACC: 13.62%

Cost of equity (Re)14.74%(Rf 4.30% + β 1.90 × ERP 5.50%)

Cost of debt (Rd)8.07%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)86.60%

Debt weight (D/V)13.40%

Results

Intrinsic Value / share$17.21

Current Price$30.38

Upside / Downside-43.3%

Net Debt (used)$203.18M

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

WACC \ Near-term	2.6%	6.6%	10.6%	14.6%	18.6%
7.0%	$34.99	$42.48	$51.15	$61.11	$72.52
8.0%	$27.80	$33.79	$40.71	$48.66	$57.75
9.0%	$22.84	$27.80	$33.51	$40.07	$47.57
10.0%	$19.21	$23.41	$28.25	$33.80	$40.14
11.0%	$16.44	$20.07	$24.24	$29.02	$34.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.96

Book Value / share($)Yahoo: $11.07

Results

Graham Number$22.09

Current Price$30.38

Margin of Safety-27.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.62%

Terminal growth rate(%)

Computed WACC: 13.62%

Cost of equity (Re)14.74%(Rf 4.30% + β 1.90 × ERP 5.50%)

Cost of debt (Rd)8.07%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)86.60%

Debt weight (D/V)13.40%

Results

Current Price$30.38

Implied Near-term FCF Growth20.1%

Historical Revenue Growth4.3%

Historical Earnings Growth10.6%

Base FCF (TTM)$88.70M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$30.38

Upside / Downside-91.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $203.72M

Target EV/EBITDA multipleCurrent: 9.6×

Net Debt($B)Default: $203.18M

Results

Implied Equity Value / share$30.16

Current Price$30.38

Upside / Downside-0.7%

Implied EV$1.96B

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

Mult \ Net Debt	-$1.80B	-$796.82M	$203.18M	$1.20B	$2.20B
5.6x	$50.45	$33.33	$16.20	$-0.92	$-18.05
7.6x	$57.43	$40.31	$23.18	$6.05	$-11.07
9.6x	$64.41	$47.28	$30.16	$13.03	$-4.09
11.6x	$71.39	$54.26	$37.13	$20.01	$2.88
13.6x	$78.36	$61.24	$44.11	$26.99	$9.86

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