TRGP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($239.61)
DCF	$-893.78	-473.0%
Graham Number	$52.22	-78.2%
Reverse DCF	—	—
DDM	$82.40	-65.6%
EV/EBITDA	$240.21	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$264.40M

Near-term growth (yrs 1–5)(%)Rev: -7.9% / EPS: 74.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.71%

Computed WACC: 6.71%

Cost of equity (Re)8.99%(Rf 4.30% + β 0.85 × 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)74.59%

Debt weight (D/V)25.41%

Results

Intrinsic Value / share$-1512.74

Current Price$239.61

Upside / Downside-731.3%

Net Debt (used)$17.38B

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

WACC \ Near-term	66.5%	70.5%	74.5%	78.5%	82.5%
7.0%	$-1124.11	$-1254.73	$-1398.15	$-1555.30	$-1727.12
8.0%	$-887.27	$-988.06	$-1098.72	$-1219.96	$-1352.51
9.0%	$-726.22	$-806.74	$-895.13	$-991.96	$-1097.81
10.0%	$-610.44	$-676.38	$-748.77	$-828.05	$-914.73
11.0%	$-523.77	$-578.81	$-639.22	$-705.38	$-777.70

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.48

Book Value / share($)Yahoo: $14.29

Results

Graham Number$52.22

Current Price$239.61

Margin of Safety-78.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.71%

Terminal growth rate(%)

Computed WACC: 6.71%

Cost of equity (Re)8.99%(Rf 4.30% + β 0.85 × 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)74.59%

Debt weight (D/V)25.41%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$239.61

Implied Near-term FCF Growth—

Historical Revenue Growth-7.9%

Historical Earnings Growth74.5%

Base FCF (TTM)-$264.40M

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: $4.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$82.40

Current Price$239.61

Upside / Downside-65.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.85B

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: $17.38B

Results

Implied Equity Value / share$240.21

Current Price$239.61

Upside / Downside+0.3%

Implied EV$69.01B

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

Mult \ Net Debt	$9.38B	$13.38B	$17.38B	$21.38B	$25.38B
10.2x	$187.24	$168.63	$150.02	$131.42	$112.81
12.2x	$232.34	$213.73	$195.12	$176.51	$157.90
14.2x	$277.43	$258.82	$240.21	$221.60	$202.99
16.2x	$322.52	$303.91	$285.31	$266.70	$248.09
18.2x	$367.62	$349.01	$330.40	$311.79	$293.18

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