TSSI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.04)
DCF	$-23.85	-337.6%
Graham Number	$3.13	-68.8%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$10.04	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$40.86M

Near-term growth (yrs 1–5)(%)Rev: -40.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.36%

Computed WACC: 14.36%

Cost of equity (Re)16.41%(Rf 4.30% + β 2.20 × 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)87.51%

Debt weight (D/V)12.49%

Results

Intrinsic Value / share$-12.49

Current Price$10.04

Upside / Downside-224.4%

Net Debt (used)-$29.35M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-24.07	$-29.14	$-35.04	$-41.87	$-49.73
8.0%	$-19.60	$-23.68	$-28.43	$-33.91	$-40.21
9.0%	$-16.51	$-19.91	$-23.85	$-28.40	$-33.63
10.0%	$-14.24	$-17.14	$-20.50	$-24.37	$-28.81
11.0%	$-12.50	$-15.02	$-17.93	$-21.29	$-25.13

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.19

Book Value / share($)Yahoo: $2.30

Results

Graham Number$3.13

Current Price$10.04

Margin of Safety-68.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.36%

Terminal growth rate(%)

Computed WACC: 14.36%

Cost of equity (Re)16.41%(Rf 4.30% + β 2.20 × 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)87.51%

Debt weight (D/V)12.49%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$10.04

Implied Near-term FCF Growth—

Historical Revenue Growth-40.2%

Historical Earnings Growth—

Base FCF (TTM)-$40.86M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$10.04

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $10.79M

Target EV/EBITDA multipleCurrent: 24.1×

Net Debt($B)Default: -$29.35M

Results

Implied Equity Value / share$10.04

Current Price$10.04

Upside / Downside-0.0%

Implied EV$260.25M

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

Mult \ Net Debt	-$2.03B	-$1.03B	-$29.35M	$970.65M	$1.97B
20.1x	$77.88	$43.21	$8.54	$-26.12	$-60.79
22.1x	$78.63	$43.96	$9.29	$-25.38	$-60.04
24.1x	$79.38	$44.71	$10.04	$-24.63	$-59.30
26.1x	$80.12	$45.46	$10.79	$-23.88	$-58.55
28.1x	$80.87	$46.20	$11.54	$-23.13	$-57.80

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