TNC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($60.91)
DCF	$53.28	-12.5%
Graham Number	$46.98	-22.9%
Reverse DCF	—	implied g: 6.9%
DDM	$25.54	-58.1%
EV/EBITDA	$60.07	-1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $67.81M

Near-term growth (yrs 1–5)(%)Rev: -11.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.70%

Computed WACC: 7.70%

Cost of equity (Re)9.96%(Rf 4.30% + β 1.03 × 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)77.26%

Debt weight (D/V)22.74%

Results

Intrinsic Value / share$69.90

Current Price$60.91

Upside / Downside+14.8%

Net Debt (used)$224.80M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$53.84	$67.24	$82.82	$100.86	$121.64
8.0%	$42.06	$52.84	$65.36	$79.84	$96.49
9.0%	$33.89	$42.87	$53.28	$65.30	$79.11
10.0%	$27.89	$35.55	$44.42	$54.65	$66.38
11.0%	$23.30	$29.95	$37.65	$46.51	$56.67

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.91

Book Value / share($)Yahoo: $33.71

Results

Graham Number$46.98

Current Price$60.91

Margin of Safety-22.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.70%

Terminal growth rate(%)

Computed WACC: 7.70%

Cost of equity (Re)9.96%(Rf 4.30% + β 1.03 × 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)77.26%

Debt weight (D/V)22.74%

Results

Current Price$60.91

Implied Near-term FCF Growth3.1%

Historical Revenue Growth-11.3%

Historical Earnings Growth—

Base FCF (TTM)$67.81M

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: $1.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.54

Current Price$60.91

Upside / Downside-58.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $133.40M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $224.80M

Results

Implied Equity Value / share$60.07

Current Price$60.91

Upside / Downside-1.4%

Implied EV$1.31B

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

Mult \ Net Debt	-$1.78B	-$775.20M	$224.80M	$1.22B	$2.22B
5.8x	$140.97	$85.80	$30.63	$-24.54	$-79.71
7.8x	$155.69	$100.52	$45.35	$-9.82	$-64.99
9.8x	$170.41	$115.24	$60.07	$4.90	$-50.27
11.8x	$185.13	$129.96	$74.79	$19.62	$-35.55
13.8x	$199.85	$144.68	$89.51	$34.34	$-20.83

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