TRP

TRP — Valuation Models

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

Valuation Summary

ModelIntrinsic Valuevs Price ($65.09)
DCF$-118.52-282.1%
Graham Number$31.71-51.3%
Reverse DCF
DDM$53.15-18.3%
EV/EBITDA$73.93+13.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: -$1.84B
Rev: 16.5% / EPS: 0.5%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$-118.62
Current Price$65.09
Upside / Downside-282.2%
Net Debt (used)$60.44B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term8.5%12.5%16.5%20.5%24.5%
7.0%$-122.94$-135.06$-148.99$-164.91$-183.03
8.0%$-110.31$-119.95$-131.00$-143.63$-157.99
9.0%$-101.62$-109.54$-118.62$-128.99$-140.77
10.0%$-95.28$-101.96$-109.60$-118.32$-128.23
11.0%$-90.46$-96.20$-102.76$-110.23$-118.72

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $2.54
Yahoo: $17.60

Results

Graham Number$31.71
Current Price$65.09
Margin of Safety-51.3%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Reverse DCF requires positive TTM free cash flow.
Current Price$65.09
Implied Near-term FCF Growth
Historical Revenue Growth16.5%
Historical Earnings Growth0.5%
Base FCF (TTM)-$1.84B
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

Yahoo: $2.58

Results

DDM Intrinsic Value / share$53.15
Current Price$65.09
Upside / Downside-18.3%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $9.53B
Current: 14.4×
Default: $60.44B

Results

Implied Equity Value / share$73.93
Current Price$65.09
Upside / Downside+13.6%
Implied EV$137.39B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt$30.44B$45.44B$60.44B$75.44B$90.44B
10.4x$66.13$51.71$37.30$22.89$8.48
12.4x$84.44$70.03$55.62$41.20$26.79
14.4x$102.75$88.34$73.93$59.52$45.11
16.4x$121.07$106.66$92.24$77.83$63.42
18.4x$139.38$124.97$110.56$96.15$81.74