TRV — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($310.67)
DCF	$2812.93	+805.4%
Graham Number	$306.57	-1.3%
Reverse DCF	—	implied g: -13.8%
DDM	$90.64	-70.8%
EV/EBITDA	$310.67	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $12.10B

Near-term growth (yrs 1–5)(%)Rev: 3.5% / EPS: 23.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.71%

Computed WACC: 6.71%

Cost of equity (Re)7.14%(Rf 4.30% + β 0.52 × ERP 5.50%)

Cost of debt (Rd)4.47%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)87.93%

Debt weight (D/V)12.07%

Results

Intrinsic Value / share$4633.46

Current Price$310.67

Upside / Downside+1391.4%

Net Debt (used)$3.09B

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

WACC \ Near-term	15.4%	19.4%	23.4%	27.4%	31.4%
7.0%	$3109.97	$3665.18	$4298.21	$5017.06	$5830.23
8.0%	$2479.28	$2917.82	$3417.51	$3984.59	$4625.74
9.0%	$2046.11	$2404.67	$2812.93	$3275.98	$3799.23
10.0%	$1731.22	$2031.74	$2373.68	$2761.28	$3199.01
11.0%	$1492.67	$1749.31	$2041.13	$2371.70	$2744.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $27.62

Book Value / share($)Yahoo: $151.24

Results

Graham Number$306.57

Current Price$310.67

Margin of Safety-1.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.71%

Terminal growth rate(%)

Computed WACC: 6.71%

Cost of equity (Re)7.14%(Rf 4.30% + β 0.52 × ERP 5.50%)

Cost of debt (Rd)4.47%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)87.93%

Debt weight (D/V)12.07%

Results

Current Price$310.67

Implied Near-term FCF Growth-19.1%

Historical Revenue Growth3.5%

Historical Earnings Growth23.4%

Base FCF (TTM)$12.10B

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: $4.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$90.64

Current Price$310.67

Upside / Downside-70.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $8.90B

Target EV/EBITDA multipleCurrent: 7.9×

Net Debt($B)Default: $3.09B

Results

Implied Equity Value / share$310.67

Current Price$310.67

Upside / Downside-0.0%

Implied EV$70.26B

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

Mult \ Net Debt	$1.09B	$2.09B	$3.09B	$4.09B	$5.09B
3.9x	$155.27	$150.64	$146.02	$141.39	$136.77
5.9x	$237.59	$232.97	$228.34	$223.72	$219.09
7.9x	$319.92	$315.29	$310.67	$306.04	$301.42
9.9x	$402.24	$397.62	$393.00	$388.37	$383.75
11.9x	$484.57	$479.95	$475.32	$470.70	$466.07

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