TSLX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.32)
DCF	$4.47	-74.2%
Graham Number	$26.29	+51.8%
Reverse DCF	—	implied g: 12.7%
DDM	$37.90	+118.8%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $123.24M

Near-term growth (yrs 1–5)(%)Rev: -12.5% / EPS: -42.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.85%

Computed WACC: 6.85%

Cost of equity (Re)8.16%(Rf 4.30% + β 0.70 × ERP 5.50%)

Cost of debt (Rd)7.11%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.48%

Debt weight (D/V)51.52%

Results

Intrinsic Value / share$15.90

Current Price$17.32

Upside / Downside-8.2%

Net Debt (used)$1.74B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$4.67	$9.33	$14.75	$21.02	$28.25
8.0%	$0.57	$4.32	$8.67	$13.71	$19.50
9.0%	$-2.28	$0.85	$4.47	$8.65	$13.46
10.0%	$-4.36	$-1.70	$1.39	$4.95	$9.03
11.0%	$-5.96	$-3.64	$-0.97	$2.12	$5.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.81

Book Value / share($)Yahoo: $16.98

Results

Graham Number$26.29

Current Price$17.32

Margin of Safety+51.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.85%

Terminal growth rate(%)

Computed WACC: 6.85%

Cost of equity (Re)8.16%(Rf 4.30% + β 0.70 × ERP 5.50%)

Cost of debt (Rd)7.11%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.48%

Debt weight (D/V)51.52%

Results

Current Price$17.32

Implied Near-term FCF Growth5.7%

Historical Revenue Growth-12.5%

Historical Earnings Growth-42.7%

Base FCF (TTM)$123.24M

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: $1.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.90

Current Price$17.32

Upside / Downside+118.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $1.74B

Results

Implied Equity Value / share$-18.38

Current Price$17.32

Upside / Downside-206.1%

Implied EV$0

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