| Intrinsic Valuation of: TW | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 4 | Market Cap | $24B | |||||
| 2021 | - | - (-) | P/E Ratio | 27 | Total Asset | $8B | |||||
| 2022 | $573M | - (-) | Net Income | $813M | Total Debt | $0 | |||||
| 2023 | $684M | 19.5% (6.1%) | EBITDA | $1B | Total Liab | $1B | |||||
| 2024 | $809M | 18.2% (-8.4%) | Opr Margin | 41.18 | Debt/Equity | - | |||||
| 2025 | $1B | 31.6% (10.7%) | PreTax Margin | 41.08 | BV/Share | 17 | |||||
| 5Y Average FCF | $783M | 15.0% (2.8%) | |||||||||
| 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): | 7.15% | 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 | $1B | MBG Intrinsic Value | $36 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $35B | Net Worth/Share | $62 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $30B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $276 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 6.5% | 269 | 291 | 319 | 355 | 402 | |||
| Equity Value | $32B | 7.2% | 239 | 256 | 276 | 301 | 333 | ||||
| Shares Outstanding | 116,035,961 | 7.8% | 215 | 228 | 243 | 262 | 285 | ||||
| 8.5% | 196 | 206 | 218 | 232 | 249 | ||||||
| DCF Intrinsic Value | $276 | 9.2% | 180 | 188 | 198 | 209 | 221 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||