| Intrinsic Valuation of: TTD | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 1 | Market Cap | $10B | |||||
| 2021 | - | - (-) | P/E Ratio | 24 | Total Asset | $6B | |||||
| 2022 | $457M | - (-) | Net Income | $443M | Total Debt | $0 | |||||
| 2023 | $543M | 18.9% (-3.6%) | EBITDA | $705M | Total Liab | $4B | |||||
| 2024 | $632M | 16.4% (-7.3%) | Opr Margin | 20.35 | Debt/Equity | - | |||||
| 2025 | $783M | 23.8% (4.5%) | PreTax Margin | 20.35 | BV/Share | 6 | |||||
| 5Y Average FCF | $604M | 15.0% (-2.1%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 9.51% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $839M | MBG Intrinsic Value | $8 | ||||||||
| 2027 | $943M | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $17B | Net Worth/Share | $6 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $15B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $658M | $36 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.5% | 44 | 46 | 50 | 54 | 60 | |||
| Equity Value | $15B | 8.5% | 37 | 39 | 42 | 45 | 48 | ||||
| Shares Outstanding | 426,999,732 | 9.5% | 33 | 34 | 36 | 38 | 40 | ||||
| 10.5% | 29 | 30 | 32 | 33 | 35 | ||||||
| DCF Intrinsic Value | $36 | 11.5% | 26 | 27 | 28 | 29 | 30 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||