TPB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($108.51)
DCF	$1009.51	+830.3%
Graham Number	$36.26	-66.6%
Reverse DCF	—	implied g: 25.6%
DDM	$6.39	-94.1%
EV/EBITDA	$137.73	+26.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $38.14M

Near-term growth (yrs 1–5)(%)Rev: 31.2% / EPS: 68.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.95%

Computed WACC: 7.95%

Cost of equity (Re)9.13%(Rf 4.30% + β 0.88 × 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)87.07%

Debt weight (D/V)12.93%

Results

Intrinsic Value / share$1278.24

Current Price$108.51

Upside / Downside+1078.0%

Net Debt (used)$105.98M

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

WACC \ Near-term	60.7%	64.7%	68.7%	72.7%	76.7%
7.0%	$1282.10	$1449.20	$1633.28	$1835.58	$2057.43
8.0%	$991.69	$1120.84	$1263.08	$1419.40	$1590.80
9.0%	$794.09	$897.42	$1011.21	$1136.25	$1273.34
10.0%	$651.92	$736.68	$830.02	$932.56	$1044.98
11.0%	$545.42	$616.28	$694.29	$779.99	$873.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.24

Book Value / share($)Yahoo: $18.04

Results

Graham Number$36.26

Current Price$108.51

Margin of Safety-66.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.95%

Terminal growth rate(%)

Computed WACC: 7.95%

Cost of equity (Re)9.13%(Rf 4.30% + β 0.88 × 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)87.07%

Debt weight (D/V)12.93%

Results

Current Price$108.51

Implied Near-term FCF Growth21.9%

Historical Revenue Growth31.2%

Historical Earnings Growth68.7%

Base FCF (TTM)$38.14M

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: $0.31

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.39

Current Price$108.51

Upside / Downside-94.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $108.67M

Target EV/EBITDA multipleCurrent: 25.1×

Net Debt($B)Default: $105.98M

Results

Implied Equity Value / share$137.73

Current Price$108.51

Upside / Downside+26.9%

Implied EV$2.73B

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

Mult \ Net Debt	-$1.89B	-$894.02M	$105.98M	$1.11B	$2.11B
21.1x	$219.81	$167.38	$114.94	$62.50	$10.07
23.1x	$231.21	$178.77	$126.34	$73.90	$21.46
25.1x	$242.61	$190.17	$137.73	$85.30	$32.86
27.1x	$254.00	$201.57	$149.13	$96.69	$44.26
29.1x	$265.40	$212.96	$160.53	$108.09	$55.65

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