TSQ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7.71)
DCF	$16.57	+114.9%
Graham Number	—	—
Reverse DCF	—	implied g: 1.6%
DDM	$16.48	+113.7%
EV/EBITDA	$8.61	+11.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $41.98M

Near-term growth (yrs 1–5)(%)Rev: -7.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.98%

Computed WACC: 1.98%

Cost of equity (Re)9.62%(Rf 4.30% + β 0.97 × 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)20.60%

Debt weight (D/V)79.40%

Results

Intrinsic Value / share—

Current Price$7.71

Upside / Downside—

Net Debt (used)$486.10M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$16.98	$26.91	$38.46	$51.82	$67.21
8.0%	$8.25	$16.24	$25.52	$36.25	$48.58
9.0%	$2.20	$8.85	$16.57	$25.47	$35.71
10.0%	$-2.24	$3.43	$10.00	$17.58	$26.28
11.0%	$-5.64	$-0.71	$4.99	$11.55	$19.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.18

Book Value / share($)Yahoo: $-2.27

Results

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

Graham Number—

Current Price$7.71

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.98%

Terminal growth rate(%)

Computed WACC: 1.98%

Cost of equity (Re)9.62%(Rf 4.30% + β 0.97 × 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)20.60%

Debt weight (D/V)79.40%

Results

Current Price$7.71

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-7.4%

Historical Earnings Growth—

Base FCF (TTM)$41.98M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$7.71

Upside / Downside+113.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $83.60M

Target EV/EBITDA multipleCurrent: 7.4×

Net Debt($B)Default: $486.10M

Results

Implied Equity Value / share$8.61

Current Price$7.71

Upside / Downside+11.6%

Implied EV$616.47M

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

Mult \ Net Debt	-$1.51B	-$513.90M	$486.10M	$1.49B	$2.49B
3.4x	$118.58	$52.56	$-13.47	$-79.50	$-145.53
5.4x	$129.62	$63.60	$-2.43	$-68.46	$-134.49
7.4x	$140.66	$74.63	$8.61	$-57.42	$-123.45
9.4x	$151.70	$85.67	$19.65	$-46.38	$-112.41
11.4x	$162.74	$96.71	$30.69	$-35.34	$-101.37

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