TKR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($106.34)
DCF	$71.64	-32.6%
Graham Number	$65.08	-38.8%
Reverse DCF	—	implied g: 10.3%
DDM	$28.84	-72.9%
EV/EBITDA	$112.31	+5.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $378.92M

Near-term growth (yrs 1–5)(%)Rev: 3.5% / EPS: -11.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.45%

Computed WACC: 8.45%

Cost of equity (Re)10.80%(Rf 4.30% + β 1.18 × 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)78.25%

Debt weight (D/V)21.75%

Results

Intrinsic Value / share$80.59

Current Price$106.34

Upside / Downside-24.2%

Net Debt (used)$1.67B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$72.46	$91.97	$114.67	$140.94	$171.20
8.0%	$55.29	$71.00	$89.24	$110.32	$134.58
9.0%	$43.40	$56.47	$71.64	$89.15	$109.26
10.0%	$34.66	$45.82	$58.74	$73.63	$90.72
11.0%	$27.98	$37.67	$48.88	$61.78	$76.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.11

Book Value / share($)Yahoo: $45.80

Results

Graham Number$65.08

Current Price$106.34

Margin of Safety-38.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.45%

Terminal growth rate(%)

Computed WACC: 8.45%

Cost of equity (Re)10.80%(Rf 4.30% + β 1.18 × 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)78.25%

Debt weight (D/V)21.75%

Results

Current Price$106.34

Implied Near-term FCF Growth8.7%

Historical Revenue Growth3.5%

Historical Earnings Growth-11.8%

Base FCF (TTM)$378.92M

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: $1.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.84

Current Price$106.34

Upside / Downside-72.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $791.00M

Target EV/EBITDA multipleCurrent: 12.0×

Net Debt($B)Default: $1.67B

Results

Implied Equity Value / share$112.31

Current Price$106.34

Upside / Downside+5.6%

Implied EV$9.48B

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

Mult \ Net Debt	$1.67B	$1.67B	$1.67B	$1.67B	$1.67B
8.0x	$66.81	$66.81	$66.81	$66.81	$66.81
10.0x	$89.56	$89.56	$89.56	$89.56	$89.56
12.0x	$112.31	$112.31	$112.31	$112.31	$112.31
14.0x	$135.06	$135.06	$135.06	$135.06	$135.06
16.0x	$157.81	$157.81	$157.81	$157.81	$157.81

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