TTD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.32)
DCF	$43.17	+77.5%
Graham Number	$10.28	-57.7%
Reverse DCF	—	implied g: 3.8%
DDM	—	—
EV/EBITDA	$26.29	+8.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $601.55M

Near-term growth (yrs 1–5)(%)Rev: 14.3% / EPS: 7.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.46%

Computed WACC: 10.46%

Cost of equity (Re)10.84%(Rf 4.30% + β 1.19 × 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)96.46%

Debt weight (D/V)3.54%

Results

Intrinsic Value / share$34.82

Current Price$24.32

Upside / Downside+43.2%

Net Debt (used)-$866.73M

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

WACC \ Near-term	6.3%	10.3%	14.3%	18.3%	22.3%
7.0%	$45.55	$53.82	$63.35	$74.26	$86.70
8.0%	$37.19	$43.78	$51.36	$60.03	$69.92
9.0%	$31.43	$36.86	$43.10	$50.23	$58.36
10.0%	$27.22	$31.81	$37.07	$43.09	$49.93
11.0%	$24.02	$27.97	$32.50	$37.66	$43.54

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.90

Book Value / share($)Yahoo: $5.22

Results

Graham Number$10.28

Current Price$24.32

Margin of Safety-57.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.46%

Terminal growth rate(%)

Computed WACC: 10.46%

Cost of equity (Re)10.84%(Rf 4.30% + β 1.19 × 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)96.46%

Debt weight (D/V)3.54%

Results

Current Price$24.32

Implied Near-term FCF Growth7.4%

Historical Revenue Growth14.3%

Historical Earnings Growth7.5%

Base FCF (TTM)$601.55M

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$24.32

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $690.11M

Target EV/EBITDA multipleCurrent: 15.5×

Net Debt($B)Default: -$866.73M

Results

Implied Equity Value / share$26.29

Current Price$24.32

Upside / Downside+8.1%

Implied EV$10.71B

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

Mult \ Net Debt	-$2.87B	-$1.87B	-$866.73M	$133.27M	$1.13B
11.5x	$24.56	$22.29	$20.02	$17.75	$15.48
13.5x	$27.70	$25.43	$23.15	$20.88	$18.61
15.5x	$30.83	$28.56	$26.29	$24.02	$21.75
17.5x	$33.97	$31.70	$29.42	$27.15	$24.88
19.5x	$37.10	$34.83	$32.56	$30.29	$28.02

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