TRU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($77.86)
DCF	$907.25	+1065.3%
Graham Number	$34.70	-55.4%
Reverse DCF	—	implied g: 11.5%
DDM	$10.30	-86.8%
EV/EBITDA	$78.94	+1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $752.90M

Near-term growth (yrs 1–5)(%)Rev: 13.0% / EPS: 52.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.17%

Computed WACC: 10.17%

Cost of equity (Re)13.64%(Rf 4.30% + β 1.70 × 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)74.56%

Debt weight (D/V)25.44%

Results

Intrinsic Value / share$723.69

Current Price$77.86

Upside / Downside+829.5%

Net Debt (used)$4.30B

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

WACC \ Near-term	44.8%	48.8%	52.8%	56.8%	60.8%
7.0%	$1111.82	$1275.10	$1456.78	$1658.36	$1881.45
8.0%	$862.03	$988.90	$1130.04	$1286.61	$1459.85
9.0%	$691.69	$793.74	$907.25	$1033.14	$1172.42
10.0%	$568.83	$653.00	$746.59	$850.37	$965.16
11.0%	$476.54	$547.28	$625.93	$713.12	$809.54

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.32

Book Value / share($)Yahoo: $23.07

Results

Graham Number$34.70

Current Price$77.86

Margin of Safety-55.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.17%

Terminal growth rate(%)

Computed WACC: 10.17%

Cost of equity (Re)13.64%(Rf 4.30% + β 1.70 × 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)74.56%

Debt weight (D/V)25.44%

Results

Current Price$77.86

Implied Near-term FCF Growth14.7%

Historical Revenue Growth13.0%

Historical Earnings Growth52.8%

Base FCF (TTM)$752.90M

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: $0.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.30

Current Price$77.86

Upside / Downside-86.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.50B

Target EV/EBITDA multipleCurrent: 13.0×

Net Debt($B)Default: $4.30B

Results

Implied Equity Value / share$78.94

Current Price$77.86

Upside / Downside+1.4%

Implied EV$19.49B

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

Mult \ Net Debt	$2.30B	$3.30B	$4.30B	$5.30B	$6.30B
9.0x	$58.25	$53.05	$47.86	$42.66	$37.46
11.0x	$73.79	$68.60	$63.40	$58.20	$53.00
13.0x	$89.34	$84.14	$78.94	$73.75	$68.55
15.0x	$104.88	$99.69	$94.49	$89.29	$84.09
17.0x	$120.43	$115.23	$110.03	$104.84	$99.64

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