TSN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.40)
DCF	$47.09	-26.9%
Graham Number	$25.40	-60.6%
Reverse DCF	—	implied g: 8.8%
DDM	$42.02	-34.7%
EV/EBITDA	$80.88	+25.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.15B

Near-term growth (yrs 1–5)(%)Rev: 5.1% / EPS: -76.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.91%

Computed WACC: 4.91%

Cost of equity (Re)6.73%(Rf 4.30% + β 0.44 × 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)73.06%

Debt weight (D/V)26.94%

Results

Intrinsic Value / share$170.91

Current Price$64.40

Upside / Downside+165.4%

Net Debt (used)$7.08B

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

WACC \ Near-term	-2.9%	1.1%	5.1%	9.1%	13.1%
7.0%	$47.62	$62.32	$79.41	$99.20	$121.98
8.0%	$34.67	$46.50	$60.24	$76.12	$94.38
9.0%	$25.70	$35.55	$46.97	$60.15	$75.30
10.0%	$19.11	$27.52	$37.25	$48.46	$61.33
11.0%	$14.07	$21.37	$29.81	$39.53	$50.66

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.56

Book Value / share($)Yahoo: $51.19

Results

Graham Number$25.40

Current Price$64.40

Margin of Safety-60.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.91%

Terminal growth rate(%)

Computed WACC: 4.91%

Cost of equity (Re)6.73%(Rf 4.30% + β 0.44 × 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)73.06%

Debt weight (D/V)26.94%

Results

Current Price$64.40

Implied Near-term FCF Growth-6.4%

Historical Revenue Growth5.1%

Historical Earnings Growth-76.2%

Base FCF (TTM)$1.15B

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: $2.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.02

Current Price$64.40

Upside / Downside-34.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.59B

Target EV/EBITDA multipleCurrent: 11.6×

Net Debt($B)Default: $7.08B

Results

Implied Equity Value / share$80.88

Current Price$64.40

Upside / Downside+25.6%

Implied EV$29.90B

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

Mult \ Net Debt	$3.08B	$5.08B	$7.08B	$9.08B	$11.08B
7.6x	$58.39	$51.29	$44.20	$37.11	$30.02
9.6x	$76.72	$69.63	$62.54	$55.45	$48.36
11.6x	$95.06	$87.97	$80.88	$73.79	$66.70
13.6x	$113.39	$106.30	$99.21	$92.12	$85.03
15.6x	$131.73	$124.64	$117.55	$110.46	$103.37

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