TIPT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.17)
DCF	$173.09	+908.1%
Graham Number	$18.59	+8.3%
Reverse DCF	—	implied g: -20.0%
DDM	$4.94	-71.2%
EV/EBITDA	$23.42	+36.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $300.07M

Near-term growth (yrs 1–5)(%)Rev: 9.3% / EPS: -56.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.67%

Computed WACC: 8.67%

Cost of equity (Re)10.99%(Rf 4.30% + β 1.22 × ERP 5.50%)

Cost of debt (Rd)7.78%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)52.10%

Debt weight (D/V)47.90%

Results

Intrinsic Value / share$183.53

Current Price$17.17

Upside / Downside+968.9%

Net Debt (used)$227.87M

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

WACC \ Near-term	1.3%	5.3%	9.3%	13.3%	17.3%
7.0%	$179.30	$215.73	$257.91	$306.50	$362.20
8.0%	$145.01	$174.18	$207.91	$246.71	$291.16
9.0%	$121.32	$145.48	$173.38	$205.45	$242.14
10.0%	$103.98	$124.49	$148.14	$175.30	$206.34
11.0%	$90.74	$108.48	$128.90	$152.33	$179.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.15

Book Value / share($)Yahoo: $13.36

Results

Graham Number$18.59

Current Price$17.17

Margin of Safety+8.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.67%

Terminal growth rate(%)

Computed WACC: 8.67%

Cost of equity (Re)10.99%(Rf 4.30% + β 1.22 × ERP 5.50%)

Cost of debt (Rd)7.78%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)52.10%

Debt weight (D/V)47.90%

Results

Current Price$17.17

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth9.3%

Historical Earnings Growth-56.4%

Base FCF (TTM)$300.07M

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: $0.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.94

Current Price$17.17

Upside / Downside-71.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $237.29M

Target EV/EBITDA multipleCurrent: 4.7×

Net Debt($B)Default: $227.87M

Results

Implied Equity Value / share$23.42

Current Price$17.17

Upside / Downside+36.4%

Implied EV$1.11B

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

Mult \ Net Debt	-$1.77B	-$772.13M	$227.87M	$1.23B	$2.23B
0.7x	$51.20	$24.76	$-1.68	$-28.12	$-54.55
2.7x	$63.75	$37.31	$10.87	$-15.57	$-42.01
4.7x	$76.29	$49.86	$23.42	$-3.02	$-29.46
6.7x	$88.84	$62.40	$35.96	$9.53	$-16.91
8.7x	$101.39	$74.95	$48.51	$22.07	$-4.36

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