TPG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.57)
DCF	$917.38	+1913.1%
Graham Number	$8.67	-81.0%
Reverse DCF	—	implied g: -10.9%
DDM	$42.44	-6.9%
EV/EBITDA	$66.73	+46.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.24B

Near-term growth (yrs 1–5)(%)Rev: 38.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.87%

Computed WACC: 11.87%

Cost of equity (Re)12.76%(Rf 4.30% + β 1.54 × ERP 5.50%)

Cost of debt (Rd)6.81%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)87.91%

Debt weight (D/V)12.09%

Results

Intrinsic Value / share$568.74

Current Price$45.57

Upside / Downside+1148.1%

Net Debt (used)$1.59B

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

WACC \ Near-term	30.5%	34.5%	38.5%	42.5%	46.5%
7.0%	$1076.76	$1249.75	$1444.32	$1662.44	$1906.17
8.0%	$844.90	$980.20	$1132.32	$1302.79	$1493.23
9.0%	$686.34	$795.89	$919.01	$1056.94	$1210.98
10.0%	$571.63	$662.57	$764.73	$879.14	$1006.88
11.0%	$485.18	$562.10	$648.49	$745.20	$853.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.45

Book Value / share($)Yahoo: $7.42

Results

Graham Number$8.67

Current Price$45.57

Margin of Safety-81.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.87%

Terminal growth rate(%)

Computed WACC: 11.87%

Cost of equity (Re)12.76%(Rf 4.30% + β 1.54 × ERP 5.50%)

Cost of debt (Rd)6.81%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)87.91%

Debt weight (D/V)12.09%

Results

Current Price$45.57

Implied Near-term FCF Growth-5.4%

Historical Revenue Growth38.5%

Historical Earnings Growth—

Base FCF (TTM)$1.24B

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: $2.06

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.44

Current Price$45.57

Upside / Downside-6.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $853.86M

Target EV/EBITDA multipleCurrent: 13.9×

Net Debt($B)Default: $1.59B

Results

Implied Equity Value / share$66.73

Current Price$45.57

Upside / Downside+46.4%

Implied EV$11.85B

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

Mult \ Net Debt	$1.59B	$1.59B	$1.59B	$1.59B	$1.59B
9.9x	$44.51	$44.51	$44.51	$44.51	$44.51
11.9x	$55.62	$55.62	$55.62	$55.62	$55.62
13.9x	$66.73	$66.73	$66.73	$66.73	$66.73
15.9x	$77.84	$77.84	$77.84	$77.84	$77.84
17.9x	$88.95	$88.95	$88.95	$88.95	$88.95

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