TTC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($100.29)
DCF	$82.33	-17.9%
Graham Number	$32.54	-67.6%
Reverse DCF	—	implied g: 8.1%
DDM	$31.52	-68.6%
EV/EBITDA	$99.29	-1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $497.02M

Near-term growth (yrs 1–5)(%)Rev: -0.9% / EPS: -14.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.96%

Computed WACC: 7.96%

Cost of equity (Re)8.80%(Rf 4.30% + β 0.82 × 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)90.41%

Debt weight (D/V)9.59%

Results

Intrinsic Value / share$99.59

Current Price$100.29

Upside / Downside-0.7%

Net Debt (used)$700.10M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$83.10	$101.36	$122.60	$147.18	$175.50
8.0%	$67.04	$81.73	$98.80	$118.53	$141.23
9.0%	$55.90	$68.14	$82.33	$98.71	$117.54
10.0%	$47.73	$58.17	$70.26	$84.20	$100.19
11.0%	$41.48	$50.54	$61.03	$73.11	$86.95

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.17

Book Value / share($)Yahoo: $14.85

Results

Graham Number$32.54

Current Price$100.29

Margin of Safety-67.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.96%

Terminal growth rate(%)

Computed WACC: 7.96%

Cost of equity (Re)8.80%(Rf 4.30% + β 0.82 × 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)90.41%

Debt weight (D/V)9.59%

Results

Current Price$100.29

Implied Near-term FCF Growth5.1%

Historical Revenue Growth-0.9%

Historical Earnings Growth-14.4%

Base FCF (TTM)$497.02M

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: $1.53

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$31.52

Current Price$100.29

Upside / Downside-68.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $634.20M

Target EV/EBITDA multipleCurrent: 16.4×

Net Debt($B)Default: $700.10M

Results

Implied Equity Value / share$99.29

Current Price$100.29

Upside / Downside-1.0%

Implied EV$10.38B

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

Mult \ Net Debt	-$1.30B	-$299.90M	$700.10M	$1.70B	$2.70B
12.4x	$93.78	$83.52	$73.26	$63.01	$52.75
14.4x	$106.79	$96.53	$86.28	$76.02	$65.76
16.4x	$119.80	$109.55	$99.29	$89.03	$78.77
18.4x	$132.82	$122.56	$112.30	$102.04	$91.78
20.4x	$145.83	$135.57	$125.31	$115.05	$104.79

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