| 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 | $36B | |||||
| 2021 | - | - (-) | P/E Ratio | 90 | Total Asset | $6B | |||||
| 2022 | $319M | - (-) | Net Income | $393M | Total Debt | $0 | |||||
| 2023 | $457M | 43.4% (8.8%) | EBITDA | $515M | Total Liab | $3B | |||||
| 2024 | $543M | 18.9% (-3.6%) | Opr Margin | 0.17 | Debt/Equity | - | |||||
| 2025 | $632M | 16.4% (-7.3%) | PreTax Margin | 17.47 | BV/Share | 7 | |||||
| 5Y Average FCF | $488M | 26.2% (-0.7%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $790M | MBG Intrinsic Value | $7 | ||||||||
| 2027 | $988M | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $50B | Net Worth/Share | $7 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $39B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $91 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 79 | 85 | 93 | 102 | 113 | |||
| Equity Value | $41B | 7.4% | 79 | 85 | 92 | 101 | 112 | ||||
| Shares Outstanding | 448,136,000 | 7.4% | 78 | 84 | 91 | 99 | 110 | ||||
| 7.9% | 71 | 76 | 82 | 89 | 97 | ||||||
| DCF Intrinsic Value | $91 | 8.4% | 66 | 70 | 75 | 80 | 87 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||