TYL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($354.69)
DCF	$232.30	-34.5%
Graham Number	$117.94	-66.7%
Reverse DCF	—	implied g: 13.9%
DDM	—	—
EV/EBITDA	$354.34	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $503.55M

Near-term growth (yrs 1–5)(%)Rev: 6.3% / EPS: 1.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.89%

Computed WACC: 8.89%

Cost of equity (Re)9.23%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)0.83%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)95.98%

Debt weight (D/V)4.02%

Results

Intrinsic Value / share$235.85

Current Price$354.69

Upside / Downside-33.5%

Net Debt (used)-$454.59M

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

WACC \ Near-term	-1.7%	2.3%	6.3%	10.3%	14.3%
7.0%	$235.45	$280.55	$332.92	$393.45	$463.08
8.0%	$194.96	$231.20	$273.23	$321.74	$377.47
9.0%	$166.92	$197.05	$231.94	$272.17	$318.33
10.0%	$146.36	$172.02	$201.70	$235.88	$275.06
11.0%	$130.63	$152.89	$178.61	$208.18	$242.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.20

Book Value / share($)Yahoo: $85.87

Results

Graham Number$117.94

Current Price$354.69

Margin of Safety-66.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.89%

Terminal growth rate(%)

Computed WACC: 8.89%

Cost of equity (Re)9.23%(Rf 4.30% + β 0.90 × ERP 5.50%)

Cost of debt (Rd)0.83%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)95.98%

Debt weight (D/V)4.02%

Results

Current Price$354.69

Implied Near-term FCF Growth13.5%

Historical Revenue Growth6.3%

Historical Earnings Growth1.1%

Base FCF (TTM)$503.55M

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$354.69

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $434.79M

Target EV/EBITDA multipleCurrent: 34.0×

Net Debt($B)Default: -$454.59M

Results

Implied Equity Value / share$354.34

Current Price$354.69

Upside / Downside-0.1%

Implied EV$14.79B

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

Mult \ Net Debt	-$2.45B	-$1.45B	-$454.59M	$545.41M	$1.55B
30.0x	$360.40	$337.16	$313.92	$290.68	$267.44
32.0x	$380.61	$357.37	$334.13	$310.89	$287.65
34.0x	$400.82	$377.58	$354.34	$331.10	$307.86
36.0x	$421.03	$397.79	$374.55	$351.31	$328.07
38.0x	$441.24	$418.00	$394.76	$371.52	$348.28

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