TR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($42.97)
DCF	$104.85	+144.0%
Graham Number	$19.36	-54.9%
Reverse DCF	—	implied g: 11.6%
DDM	$7.42	-82.7%
EV/EBITDA	$74.98	+74.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $63.38M

Near-term growth (yrs 1–5)(%)Rev: 1.5% / EPS: 28.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.08%

Computed WACC: 7.08%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)99.56%

Debt weight (D/V)0.44%

Results

Intrinsic Value / share$156.27

Current Price$42.97

Upside / Downside+263.7%

Net Debt (used)-$162.75M

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

WACC \ Near-term	20.4%	24.4%	28.4%	32.4%	36.4%
7.0%	$117.76	$137.26	$159.40	$184.41	$212.59
8.0%	$94.28	$109.63	$127.03	$146.70	$168.85
9.0%	$78.17	$90.68	$104.85	$120.86	$138.87
10.0%	$66.49	$76.93	$88.76	$102.11	$117.14
11.0%	$57.65	$66.54	$76.60	$87.95	$100.72

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.29

Book Value / share($)Yahoo: $12.91

Results

Graham Number$19.36

Current Price$42.97

Margin of Safety-54.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.08%

Terminal growth rate(%)

Computed WACC: 7.08%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)99.56%

Debt weight (D/V)0.44%

Results

Current Price$42.97

Implied Near-term FCF Growth5.5%

Historical Revenue Growth1.5%

Historical Earnings Growth28.4%

Base FCF (TTM)$63.38M

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$42.97

Upside / Downside-82.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $136.48M

Target EV/EBITDA multipleCurrent: 21.8×

Net Debt($B)Default: -$162.75M

Results

Implied Equity Value / share$74.98

Current Price$42.97

Upside / Downside+74.5%

Implied EV$2.97B

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

Mult \ Net Debt	-$2.16B	-$1.16B	-$162.75M	$837.25M	$1.84B
17.8x	$109.75	$85.84	$61.93	$38.02	$14.11
19.8x	$116.28	$92.37	$68.46	$44.54	$20.63
21.8x	$122.80	$98.89	$74.98	$51.07	$27.16
23.8x	$129.33	$105.42	$81.51	$57.60	$33.69
25.8x	$135.86	$111.95	$88.04	$64.12	$40.21

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