TPC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($73.57)
DCF	$1246.62	+1594.5%
Graham Number	—	—
Reverse DCF	—	implied g: -9.9%
DDM	$4.94	-93.3%
EV/EBITDA	$74.47	+1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $496.31M

Near-term growth (yrs 1–5)(%)Rev: 41.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.52%

Computed WACC: 14.52%

Cost of equity (Re)16.28%(Rf 4.30% + β 2.18 × 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)89.18%

Debt weight (D/V)10.82%

Results

Intrinsic Value / share$550.24

Current Price$73.57

Upside / Downside+647.9%

Net Debt (used)-$263.63M

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

WACC \ Near-term	33.2%	37.2%	41.2%	45.2%	49.2%
7.0%	$1469.98	$1698.63	$1955.24	$2242.30	$2562.46
8.0%	$1155.33	$1333.91	$1534.27	$1758.34	$2008.18
9.0%	$940.28	$1084.68	$1246.62	$1427.68	$1629.51
10.0%	$784.80	$904.50	$1038.70	$1188.70	$1355.85
11.0%	$667.70	$768.82	$882.16	$1008.79	$1149.87

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.55

Book Value / share($)Yahoo: $23.08

Results

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

Graham Number—

Current Price$73.57

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.52%

Terminal growth rate(%)

Computed WACC: 14.52%

Cost of equity (Re)16.28%(Rf 4.30% + β 2.18 × 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)89.18%

Debt weight (D/V)10.82%

Results

Current Price$73.57

Implied Near-term FCF Growth-0.1%

Historical Revenue Growth41.2%

Historical Earnings Growth—

Base FCF (TTM)$496.31M

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: $0.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.94

Current Price$73.57

Upside / Downside-93.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $283.85M

Target EV/EBITDA multipleCurrent: 12.9×

Net Debt($B)Default: -$263.63M

Results

Implied Equity Value / share$74.47

Current Price$73.57

Upside / Downside+1.2%

Implied EV$3.66B

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

Mult \ Net Debt	-$2.26B	-$1.26B	-$263.63M	$736.37M	$1.74B
8.9x	$90.86	$71.90	$52.94	$33.98	$15.02
10.9x	$101.63	$82.67	$63.71	$44.75	$25.79
12.9x	$112.39	$93.43	$74.47	$55.51	$36.55
14.9x	$123.15	$104.19	$85.23	$66.27	$47.31
16.9x	$133.92	$114.96	$96.00	$77.04	$58.08

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