TPR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($156.42)
DCF	$10828.50	+6822.7%
Graham Number	$12.56	-92.0%
Reverse DCF	—	implied g: 10.6%
DDM	$32.96	-78.9%
EV/EBITDA	$155.47	-0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.42B

Near-term growth (yrs 1–5)(%)Rev: 14.0% / EPS: 94.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.21%

Computed WACC: 12.21%

Cost of equity (Re)13.14%(Rf 4.30% + β 1.61 × ERP 5.50%)

Cost of debt (Rd)5.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.03%

Debt weight (D/V)10.97%

Results

Intrinsic Value / share$5993.10

Current Price$156.42

Upside / Downside+3731.4%

Net Debt (used)$2.87B

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

WACC \ Near-term	86.2%	90.2%	94.2%	98.2%	102.2%
7.0%	$14349.18	$15953.91	$17699.15	$19593.92	$21647.64
8.0%	$11032.54	$12265.53	$13606.41	$15062.11	$16639.86
9.0%	$8781.34	$9762.04	$10828.50	$11986.23	$13240.97
10.0%	$7166.03	$7965.74	$8835.34	$9779.31	$10802.32
11.0%	$5959.50	$6624.06	$7346.64	$8130.98	$8980.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.58

Book Value / share($)Yahoo: $2.72

Results

Graham Number$12.56

Current Price$156.42

Margin of Safety-92.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.21%

Terminal growth rate(%)

Computed WACC: 12.21%

Cost of equity (Re)13.14%(Rf 4.30% + β 1.61 × ERP 5.50%)

Cost of debt (Rd)5.82%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.03%

Debt weight (D/V)10.97%

Results

Current Price$156.42

Implied Near-term FCF Growth18.7%

Historical Revenue Growth14.0%

Historical Earnings Growth94.2%

Base FCF (TTM)$1.42B

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: $1.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.96

Current Price$156.42

Upside / Downside-78.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.81B

Target EV/EBITDA multipleCurrent: 18.9×

Net Debt($B)Default: $2.87B

Results

Implied Equity Value / share$155.47

Current Price$156.42

Upside / Downside-0.6%

Implied EV$34.34B

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

Mult \ Net Debt	$866.00M	$1.87B	$2.87B	$3.87B	$4.87B
14.9x	$129.53	$124.59	$119.65	$114.71	$109.77
16.9x	$147.44	$142.50	$137.56	$132.62	$127.68
18.9x	$165.35	$160.41	$155.47	$150.54	$145.60
20.9x	$183.27	$178.33	$173.39	$168.45	$163.51
22.9x	$201.18	$196.24	$191.30	$186.36	$181.42

← Overview Financial Statements ← Companies