TPH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.44)
DCF	$-2.51	-105.4%
Graham Number	$54.72	+17.8%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$46.44	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -22.4% / EPS: -48.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.27%

Computed WACC: 9.27%

Cost of equity (Re)12.04%(Rf 4.30% + β 1.41 × 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)76.97%

Debt weight (D/V)23.03%

Results

Intrinsic Value / share$-2.51

Current Price$46.44

Upside / Downside-105.4%

Net Debt (used)$211.81M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-2.51	$-2.51	$-2.51	$-2.51	$-2.51
8.0%	$-2.51	$-2.51	$-2.51	$-2.51	$-2.51
9.0%	$-2.51	$-2.51	$-2.51	$-2.51	$-2.51
10.0%	$-2.51	$-2.51	$-2.51	$-2.51	$-2.51
11.0%	$-2.51	$-2.51	$-2.51	$-2.51	$-2.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.39

Book Value / share($)Yahoo: $39.25

Results

Graham Number$54.72

Current Price$46.44

Margin of Safety+17.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.27%

Terminal growth rate(%)

Computed WACC: 9.27%

Cost of equity (Re)12.04%(Rf 4.30% + β 1.41 × 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)76.97%

Debt weight (D/V)23.03%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$46.44

Implied Near-term FCF Growth—

Historical Revenue Growth-22.4%

Historical Earnings Growth-48.9%

Base FCF (TTM)—

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$46.44

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $368.28M

Target EV/EBITDA multipleCurrent: 11.2×

Net Debt($B)Default: $211.81M

Results

Implied Equity Value / share$46.44

Current Price$46.44

Upside / Downside+0.0%

Implied EV$4.14B

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

Mult \ Net Debt	-$1.79B	-$788.19M	$211.81M	$1.21B	$2.21B
7.2x	$52.68	$40.84	$29.00	$17.17	$5.33
9.2x	$61.40	$49.56	$37.72	$25.88	$14.05
11.2x	$70.11	$58.28	$46.44	$34.60	$22.77
13.2x	$78.83	$67.00	$55.16	$43.32	$31.48
15.2x	$87.55	$75.71	$63.88	$52.04	$40.20

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