TNXP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.98)
DCF	$-102.28	-831.6%
Graham Number	$377.86	+2602.8%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$43.53M

Near-term growth (yrs 1–5)(%)Rev: 16.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.56%

Computed WACC: 14.56%

Cost of equity (Re)14.59%(Rf 4.30% + β 1.87 × 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)99.76%

Debt weight (D/V)0.24%

Results

Intrinsic Value / share$-42.73

Current Price$13.98

Upside / Downside-405.7%

Net Debt (used)-$189.63M

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

WACC \ Near-term	8.6%	12.6%	16.6%	20.6%	24.6%
7.0%	$-110.68	$-134.12	$-161.03	$-191.79	$-226.81
8.0%	$-86.25	$-104.87	$-126.23	$-150.63	$-178.39
9.0%	$-69.42	$-84.73	$-102.28	$-122.31	$-145.08
10.0%	$-57.15	$-70.06	$-84.84	$-101.69	$-120.83
11.0%	$-47.83	$-58.91	$-71.59	$-86.04	$-102.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $279.15

Book Value / share($)Yahoo: $22.73

Results

Graham Number$377.86

Current Price$13.98

Margin of Safety+2602.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.56%

Terminal growth rate(%)

Computed WACC: 14.56%

Cost of equity (Re)14.59%(Rf 4.30% + β 1.87 × 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)99.76%

Debt weight (D/V)0.24%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$13.98

Implied Near-term FCF Growth—

Historical Revenue Growth16.6%

Historical Earnings Growth—

Base FCF (TTM)-$43.53M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$13.98

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$97.46M

Target EV/EBITDA multipleCurrent: 0.3×

Net Debt($B)Default: -$189.63M

Results

Implied Equity Value / share$12.86

Current Price$13.98

Upside / Downside-8.0%

Implied EV-$25.15M

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