TOST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($27.31)
DCF	$142628.45	+522157.2%
Graham Number	$6.74	-75.3%
Reverse DCF	—	implied g: 8.3%
DDM	—	—
EV/EBITDA	$30.70	+12.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $580.63M

Near-term growth (yrs 1–5)(%)Rev: 22.0% / EPS: 228.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.92%

Computed WACC: 14.92%

Cost of equity (Re)14.94%(Rf 4.30% + β 1.93 × 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)99.88%

Debt weight (D/V)0.12%

Results

Intrinsic Value / share$49064.03

Current Price$27.31

Upside / Downside+179555.9%

Net Debt (used)-$1.97B

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

WACC \ Near-term	220.2%	224.2%	228.2%	232.2%	236.2%
7.0%	$211200.61	$224723.40	$238930.19	$253846.61	$269498.93
8.0%	$160392.01	$170661.03	$181449.46	$192776.74	$204662.83
9.0%	$126077.16	$134148.69	$142628.45	$151531.75	$160874.25
10.0%	$101590.62	$108094.07	$114926.43	$122100.03	$129627.48
11.0%	$83409.62	$88748.80	$94358.00	$100247.33	$106427.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.56

Book Value / share($)Yahoo: $3.61

Results

Graham Number$6.74

Current Price$27.31

Margin of Safety-75.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.92%

Terminal growth rate(%)

Computed WACC: 14.92%

Cost of equity (Re)14.94%(Rf 4.30% + β 1.93 × 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)99.88%

Debt weight (D/V)0.12%

Results

Current Price$27.31

Implied Near-term FCF Growth21.8%

Historical Revenue Growth22.0%

Historical Earnings Growth228.2%

Base FCF (TTM)$580.63M

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$27.31

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $369.00M

Target EV/EBITDA multipleCurrent: 38.3×

Net Debt($B)Default: -$1.97B

Results

Implied Equity Value / share$30.70

Current Price$27.31

Upside / Downside+12.4%

Implied EV$14.11B

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

Mult \ Net Debt	-$1.97B	-$1.97B	-$1.97B	-$1.97B	-$1.97B
34.3x	$27.88	$27.88	$27.88	$27.88	$27.88
36.3x	$29.29	$29.29	$29.29	$29.29	$29.29
38.3x	$30.70	$30.70	$30.70	$30.70	$30.70
40.3x	$32.11	$32.11	$32.11	$32.11	$32.11
42.3x	$33.51	$33.51	$33.51	$33.51	$33.51

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