TONX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.25)
DCF	$-1462561201225.16	-65002720054551.6%
Graham Number	$29.80	+1224.6%
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: -$1.03M

Near-term growth (yrs 1–5)(%)Rev: 2719.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.18%

Computed WACC: 8.18%

Cost of equity (Re)8.19%(Rf 4.30% + β 0.71 × 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)99.82%

Debt weight (D/V)0.18%

Results

Intrinsic Value / share$-1790628529237.67

Current Price$2.25

Upside / Downside-79583490188440.7%

Net Debt (used)-$52.79M

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

WACC \ Near-term	2711.5%	2715.5%	2719.5%	2723.5%	2727.5%
7.0%	$-2457316384070.46	$-2474846659890.30	$-2492476840807.67	$-2510207353235.06	$-2528038624796.60
8.0%	$-1850428260023.75	$-1863629050116.01	$-1876905071552.89	$-1890256645434.96	$-1903684093775.21
9.0%	$-1442176095996.67	$-1452464451577.04	$-1462811440528.49	$-1473217313108.55	$-1483682320285.81
10.0%	$-1152116320713.25	$-1160335415737.43	$-1168601351410.20	$-1176914327655.68	$-1185274544966.05
11.0%	$-937751764111.19	$-944441601515.41	$-951169564324.19	$-957935815263.46	$-964740517521.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.65

Book Value / share($)Yahoo: $10.82

Results

Graham Number$29.80

Current Price$2.25

Margin of Safety+1224.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.18%

Terminal growth rate(%)

Computed WACC: 8.18%

Cost of equity (Re)8.19%(Rf 4.30% + β 0.71 × 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)99.82%

Debt weight (D/V)0.18%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$2.25

Implied Near-term FCF Growth—

Historical Revenue Growth2719.5%

Historical Earnings Growth—

Base FCF (TTM)-$1.03M

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$2.25

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$30.27M

Target EV/EBITDA multipleCurrent: -2.7×

Net Debt($B)Default: -$52.79M

Results

Implied Equity Value / share$2.26

Current Price$2.25

Upside / Downside+0.3%

Implied EV$80.51M

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