TRS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.94)
DCF	$44126391458.07	+116305723300.3%
Graham Number	$26.70	-29.6%
Reverse DCF	—	implied g: 44.3%
DDM	$3.30	-91.3%
EV/EBITDA	$37.00	-2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $13.03M

Near-term growth (yrs 1–5)(%)Rev: -31.8% / EPS: 1360.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.63%

Computed WACC: 5.63%

Cost of equity (Re)7.48%(Rf 4.30% + β 0.58 × 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)75.33%

Debt weight (D/V)24.67%

Results

Intrinsic Value / share$120922434144.23

Current Price$37.94

Upside / Downside+318720174239.0%

Net Debt (used)$475.06M

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

WACC \ Near-term	1352.7%	1356.7%	1360.7%	1364.7%	1368.7%
7.0%	$73017594345.84	$74028412924.46	$75050395244.90	$76083633524.34	$77128220486.40
8.0%	$55025377168.82	$55787120601.94	$56557276926.48	$57335915636.44	$58123106607.46
9.0%	$42917470920.70	$43511598630.06	$44112288039.40	$44719593351.08	$45333569065.15
10.0%	$34311360153.29	$34786349222.84	$35266584194.36	$35752108401.21	$36242965414.70
11.0%	$27948338771.06	$28335241394.72	$28726417070.83	$29121901096.62	$29521728963.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.78

Book Value / share($)Yahoo: $17.80

Results

Graham Number$26.70

Current Price$37.94

Margin of Safety-29.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.63%

Terminal growth rate(%)

Computed WACC: 5.63%

Cost of equity (Re)7.48%(Rf 4.30% + β 0.58 × 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)75.33%

Debt weight (D/V)24.67%

Results

Current Price$37.94

Implied Near-term FCF Growth28.4%

Historical Revenue Growth-31.8%

Historical Earnings Growth1360.7%

Base FCF (TTM)$13.03M

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: $0.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$3.30

Current Price$37.94

Upside / Downside-91.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $65.88M

Target EV/EBITDA multipleCurrent: 30.0×

Net Debt($B)Default: $475.06M

Results

Implied Equity Value / share$37.00

Current Price$37.94

Upside / Downside-2.5%

Implied EV$1.98B

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

Mult \ Net Debt	-$1.52B	-$524.94M	$475.06M	$1.48B	$2.48B
26.0x	$79.72	$55.12	$30.51	$5.91	$-18.69
28.0x	$82.96	$58.36	$33.75	$9.15	$-15.45
30.0x	$86.20	$61.60	$37.00	$12.39	$-12.21
32.0x	$89.44	$64.84	$40.24	$15.63	$-8.97
34.0x	$92.68	$68.08	$43.48	$18.88	$-5.73

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