TSE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.23)
DCF	$-71.21	-31061.4%
Graham Number	—	—
Reverse DCF	—	—
DDM	$0.82	+258.3%
EV/EBITDA	$0.23	-0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$5.24M

Near-term growth (yrs 1–5)(%)Rev: -14.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 0.04%

Computed WACC: 0.04%

Cost of equity (Re)12.46%(Rf 4.30% + β 1.48 × 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)0.32%

Debt weight (D/V)99.68%

Results

Intrinsic Value / share—

Current Price$0.23

Upside / Downside—

Net Debt (used)$2.47B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-71.23	$-71.75	$-72.36	$-73.06	$-73.87
8.0%	$-70.77	$-71.19	$-71.68	$-72.24	$-72.89
9.0%	$-70.46	$-70.81	$-71.21	$-71.68	$-72.22
10.0%	$-70.22	$-70.52	$-70.87	$-71.26	$-71.72
11.0%	$-70.05	$-70.30	$-70.60	$-70.95	$-71.34

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-11.57

Book Value / share($)Yahoo: $-23.93

Results

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

Graham Number—

Current Price$0.23

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 0.04%

Terminal growth rate(%)

Computed WACC: 0.04%

Cost of equity (Re)12.46%(Rf 4.30% + β 1.48 × 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)0.32%

Debt weight (D/V)99.68%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$0.23

Implied Near-term FCF Growth—

Historical Revenue Growth-14.3%

Historical Earnings Growth—

Base FCF (TTM)-$5.24M

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: $0.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.82

Current Price$0.23

Upside / Downside+258.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $137.60M

Target EV/EBITDA multipleCurrent: 18.0×

Net Debt($B)Default: $2.47B

Results

Implied Equity Value / share$0.23

Current Price$0.23

Upside / Downside-0.8%

Implied EV$2.48B

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

Mult \ Net Debt	$471.20M	$1.47B	$2.47B	$3.47B	$4.47B
14.0x	$40.50	$12.72	$-15.06	$-42.85	$-70.63
16.0x	$48.15	$20.37	$-7.42	$-35.20	$-62.98
18.0x	$55.79	$28.01	$0.23	$-27.55	$-55.34
20.0x	$63.44	$35.66	$7.87	$-19.91	$-47.69
22.0x	$71.09	$43.30	$15.52	$-12.26	$-40.05

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