TROX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.08)
DCF	$-49.61	-800.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	$4.12	-41.8%
EV/EBITDA	$7.58	+7.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$221.25M

Near-term growth (yrs 1–5)(%)Rev: 8.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.37%

Computed WACC: 6.37%

Cost of equity (Re)10.38%(Rf 4.30% + β 1.10 × ERP 5.50%)

Cost of debt (Rd)6.42%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)24.59%

Debt weight (D/V)75.41%

Results

Intrinsic Value / share$-70.38

Current Price$7.08

Upside / Downside-1094.1%

Net Debt (used)$3.24B

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

WACC \ Near-term	0.0%	4.0%	8.0%	12.0%	16.0%
7.0%	$-50.36	$-56.30	$-63.18	$-71.13	$-80.25
8.0%	$-44.88	$-49.64	$-55.16	$-61.51	$-68.80
9.0%	$-41.09	$-45.04	$-49.61	$-54.87	$-60.89
10.0%	$-38.32	$-41.68	$-45.55	$-50.01	$-55.12
11.0%	$-36.20	$-39.10	$-42.46	$-46.31	$-50.71

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.97

Book Value / share($)Yahoo: $8.94

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$7.08

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.37%

Terminal growth rate(%)

Computed WACC: 6.37%

Cost of equity (Re)10.38%(Rf 4.30% + β 1.10 × ERP 5.50%)

Cost of debt (Rd)6.42%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)24.59%

Debt weight (D/V)75.41%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$7.08

Implied Near-term FCF Growth—

Historical Revenue Growth8.0%

Historical Earnings Growth—

Base FCF (TTM)-$221.25M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$7.08

Upside / Downside-41.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $279.00M

Target EV/EBITDA multipleCurrent: 15.9×

Net Debt($B)Default: $3.24B

Results

Implied Equity Value / share$7.58

Current Price$7.08

Upside / Downside+7.1%

Implied EV$4.44B

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

Mult \ Net Debt	$1.24B	$2.24B	$3.24B	$4.24B	$5.24B
11.9x	$13.16	$6.85	$0.55	$-5.76	$-12.07
13.9x	$16.68	$10.37	$4.07	$-2.24	$-8.55
15.9x	$20.20	$13.89	$7.58	$1.28	$-5.03
17.9x	$23.72	$17.41	$11.10	$4.80	$-1.51
19.9x	$27.24	$20.93	$14.62	$8.32	$2.01

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