TPVG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.27)
DCF	$-1.87	-135.5%
Graham Number	$12.81	+143.1%
Reverse DCF	—	implied g: 14.8%
DDM	$22.25	+322.2%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $21.26M

Near-term growth (yrs 1–5)(%)Rev: -14.3% / EPS: -33.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.04%

Computed WACC: 7.04%

Cost of equity (Re)11.96%(Rf 4.30% + β 1.39 × ERP 5.50%)

Cost of debt (Rd)6.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)31.23%

Debt weight (D/V)68.77%

Results

Intrinsic Value / share$2.17

Current Price$5.27

Upside / Downside-58.9%

Net Debt (used)$448.80M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-1.79	$0.09	$2.29	$4.82	$7.75
8.0%	$-3.45	$-1.93	$-0.17	$1.87	$4.21
9.0%	$-4.60	$-3.33	$-1.87	$-0.18	$1.76
10.0%	$-5.44	$-4.36	$-3.12	$-1.68	$-0.03
11.0%	$-6.09	$-5.15	$-4.07	$-2.82	$-1.39

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.83

Book Value / share($)Yahoo: $8.79

Results

Graham Number$12.81

Current Price$5.27

Margin of Safety+143.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.04%

Terminal growth rate(%)

Computed WACC: 7.04%

Cost of equity (Re)11.96%(Rf 4.30% + β 1.39 × ERP 5.50%)

Cost of debt (Rd)6.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)31.23%

Debt weight (D/V)68.77%

Results

Current Price$5.27

Implied Near-term FCF Growth8.4%

Historical Revenue Growth-14.3%

Historical Earnings Growth-33.3%

Base FCF (TTM)$21.26M

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: $1.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$22.25

Current Price$5.27

Upside / Downside+322.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $448.80M

Results

Implied Equity Value / share$-11.11

Current Price$5.27

Upside / Downside-310.8%

Implied EV$0

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