TRNO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.97)
DCF	$3867.56	+5852.8%
Graham Number	$59.35	-8.7%
Reverse DCF	—	implied g: 17.8%
DDM	$42.85	-34.0%
EV/EBITDA	$65.16	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $208.63M

Near-term growth (yrs 1–5)(%)Rev: 32.6% / EPS: 99.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.25%

Computed WACC: 9.25%

Cost of equity (Re)10.54%(Rf 4.30% + β 1.14 × 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)87.70%

Debt weight (D/V)12.30%

Results

Intrinsic Value / share$3667.04

Current Price$64.97

Upside / Downside+5544.2%

Net Debt (used)$921.62M

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

WACC \ Near-term	91.6%	95.6%	99.6%	103.6%	107.6%
7.0%	$5166.65	$5728.19	$6337.50	$6997.56	$7711.48
8.0%	$3967.22	$4398.27	$4865.96	$5372.59	$5920.54
9.0%	$3153.42	$3495.94	$3867.56	$4270.11	$4705.46
10.0%	$2569.75	$2848.79	$3151.52	$3479.42	$3834.04
11.0%	$2134.00	$2365.65	$2616.96	$2889.15	$3183.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.91

Book Value / share($)Yahoo: $40.03

Results

Graham Number$59.35

Current Price$64.97

Margin of Safety-8.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.25%

Terminal growth rate(%)

Computed WACC: 9.25%

Cost of equity (Re)10.54%(Rf 4.30% + β 1.14 × 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)87.70%

Debt weight (D/V)12.30%

Results

Current Price$64.97

Implied Near-term FCF Growth18.5%

Historical Revenue Growth32.6%

Historical Earnings Growth99.6%

Base FCF (TTM)$208.63M

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$64.97

Upside / Downside-34.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $284.71M

Target EV/EBITDA multipleCurrent: 27.0×

Net Debt($B)Default: $921.62M

Results

Implied Equity Value / share$65.16

Current Price$64.97

Upside / Downside+0.3%

Implied EV$7.69B

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

Mult \ Net Debt	-$1.08B	-$78.38M	$921.62M	$1.92B	$2.92B
23.0x	$73.45	$63.82	$54.20	$44.57	$34.94
25.0x	$78.93	$69.30	$59.68	$50.05	$40.42
27.0x	$84.41	$74.79	$65.16	$55.53	$45.91
29.0x	$89.89	$80.27	$70.64	$61.01	$51.39
31.0x	$95.38	$85.75	$76.12	$66.50	$56.87

← Overview Financial Statements ← Companies