TPL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($531.09)
DCF	$-33.31	-106.3%
Graham Number	$57.57	-89.2%
Reverse DCF	—	—
DDM	$49.44	-90.7%
EV/EBITDA	$531.09	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$82.23M

Near-term growth (yrs 1–5)(%)Rev: 13.9% / EPS: 4.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.40%

Computed WACC: 9.40%

Cost of equity (Re)9.40%(Rf 4.30% + β 0.93 × 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)99.95%

Debt weight (D/V)0.05%

Results

Intrinsic Value / share$-31.13

Current Price$531.09

Upside / Downside-105.9%

Net Debt (used)-$127.02M

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

WACC \ Near-term	5.9%	9.9%	13.9%	17.9%	21.9%
7.0%	$-35.40	$-42.50	$-50.66	$-60.03	$-70.71
8.0%	$-28.27	$-33.92	$-40.42	$-47.87	$-56.36
9.0%	$-23.36	$-28.02	$-33.37	$-39.49	$-46.47
10.0%	$-19.77	$-23.71	$-28.22	$-33.39	$-39.27
11.0%	$-17.04	$-20.43	$-24.31	$-28.75	$-33.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.96

Book Value / share($)Yahoo: $21.16

Results

Graham Number$57.57

Current Price$531.09

Margin of Safety-89.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.40%

Terminal growth rate(%)

Computed WACC: 9.40%

Cost of equity (Re)9.40%(Rf 4.30% + β 0.93 × 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)99.95%

Debt weight (D/V)0.05%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$531.09

Implied Near-term FCF Growth—

Historical Revenue Growth13.9%

Historical Earnings Growth4.3%

Base FCF (TTM)-$82.23M

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: $2.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$49.44

Current Price$531.09

Upside / Downside-90.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $655.57M

Target EV/EBITDA multipleCurrent: 55.7×

Net Debt($B)Default: -$127.02M

Results

Implied Equity Value / share$531.09

Current Price$531.09

Upside / Downside-0.0%

Implied EV$36.49B

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

Mult \ Net Debt	-$2.13B	-$1.13B	-$127.02M	$872.98M	$1.87B
51.7x	$522.06	$507.56	$493.05	$478.55	$464.04
53.7x	$541.08	$526.57	$512.07	$497.56	$483.06
55.7x	$560.10	$545.59	$531.09	$516.58	$502.08
57.7x	$579.11	$564.61	$550.10	$535.60	$521.09
59.7x	$598.13	$583.63	$569.12	$554.62	$540.11

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