TXRH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($180.19)
DCF	$47.98	-73.4%
Graham Number	$56.64	-68.6%
Reverse DCF	—	implied g: 25.3%
DDM	$61.80	-65.7%
EV/EBITDA	$180.32	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $226.83M

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: -26.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.44%

Computed WACC: 8.44%

Cost of equity (Re)9.10%(Rf 4.30% + β 0.87 × 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)92.70%

Debt weight (D/V)7.30%

Results

Intrinsic Value / share$53.73

Current Price$180.19

Upside / Downside-70.2%

Net Debt (used)$808.36M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$48.50	$60.78	$75.06	$91.60	$110.64
8.0%	$37.70	$47.58	$59.06	$72.33	$87.59
9.0%	$30.21	$38.44	$47.98	$59.00	$71.66
10.0%	$24.71	$31.73	$39.86	$49.24	$59.99
11.0%	$20.50	$26.60	$33.66	$41.78	$51.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.45

Book Value / share($)Yahoo: $22.11

Results

Graham Number$56.64

Current Price$180.19

Margin of Safety-68.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.44%

Terminal growth rate(%)

Computed WACC: 8.44%

Cost of equity (Re)9.10%(Rf 4.30% + β 0.87 × 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)92.70%

Debt weight (D/V)7.30%

Results

Current Price$180.19

Implied Near-term FCF Growth23.4%

Historical Revenue Growth3.1%

Historical Earnings Growth-26.0%

Base FCF (TTM)$226.83M

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: $3.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$61.80

Current Price$180.19

Upside / Downside-65.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $681.73M

Target EV/EBITDA multipleCurrent: 18.7×

Net Debt($B)Default: $808.36M

Results

Implied Equity Value / share$180.32

Current Price$180.19

Upside / Downside+0.1%

Implied EV$12.74B

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

Mult \ Net Debt	-$1.19B	-$191.64M	$808.36M	$1.81B	$2.81B
14.7x	$169.33	$154.22	$139.10	$123.98	$108.86
16.7x	$189.95	$174.83	$159.71	$144.59	$129.47
18.7x	$210.56	$195.44	$180.32	$165.21	$150.09
20.7x	$231.17	$216.05	$200.94	$185.82	$170.70
22.7x	$251.79	$236.67	$221.55	$206.43	$191.31

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