TNL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($71.44)
DCF	$61.79	-13.5%
Graham Number	—	—
Reverse DCF	—	implied g: 6.7%
DDM	$46.14	-35.4%
EV/EBITDA	$73.08	+2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $512.88M

Near-term growth (yrs 1–5)(%)Rev: 5.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.97%

Computed WACC: 6.97%

Cost of equity (Re)11.74%(Rf 4.30% + β 1.35 × ERP 5.50%)

Cost of debt (Rd)4.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)43.63%

Debt weight (D/V)56.37%

Results

Intrinsic Value / share$130.97

Current Price$71.44

Upside / Downside+83.3%

Net Debt (used)$5.47B

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

WACC \ Near-term	-2.4%	1.6%	5.6%	9.6%	13.6%
7.0%	$63.59	$94.07	$129.49	$170.47	$217.63
8.0%	$36.52	$61.03	$89.48	$122.34	$160.12
9.0%	$17.77	$38.16	$61.79	$89.06	$120.38
10.0%	$4.00	$21.39	$41.51	$64.69	$91.28
11.0%	$-6.53	$8.57	$26.01	$46.09	$69.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.44

Book Value / share($)Yahoo: $-15.56

Results

Graham Number requires positive EPS and positive Book Value per share. BVPS is zero or negative.

Graham Number—

Current Price$71.44

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.97%

Terminal growth rate(%)

Computed WACC: 6.97%

Cost of equity (Re)11.74%(Rf 4.30% + β 1.35 × ERP 5.50%)

Cost of debt (Rd)4.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)43.63%

Debt weight (D/V)56.37%

Results

Current Price$71.44

Implied Near-term FCF Growth0.5%

Historical Revenue Growth5.6%

Historical Earnings Growth—

Base FCF (TTM)$512.88M

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: $2.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.14

Current Price$71.44

Upside / Downside-35.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $927.00M

Target EV/EBITDA multipleCurrent: 10.8×

Net Debt($B)Default: $5.47B

Results

Implied Equity Value / share$73.08

Current Price$71.44

Upside / Downside+2.3%

Implied EV$10.03B

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

Mult \ Net Debt	$3.47B	$4.47B	$5.47B	$6.47B	$7.47B
6.8x	$45.71	$29.68	$13.66	$-2.37	$-18.40
8.8x	$75.42	$59.39	$43.37	$27.34	$11.32
10.8x	$105.13	$89.11	$73.08	$57.05	$41.03
12.8x	$134.85	$118.82	$102.79	$86.77	$70.74
14.8x	$164.56	$148.53	$132.51	$116.48	$100.45

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