| Intrinsic Valuation of: TW | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 2 | Market Cap | $32B | |||||
| 2021 | - | - (-) | P/E Ratio | 60 | Total Asset | $7B | |||||
| 2022 | $527M | - (-) | Net Income | $502M | Total Debt | $0 | |||||
| 2023 | $573M | 8.7% (-1.5%) | EBITDA | $979M | Total Liab | $869M | |||||
| 2024 | $684M | 19.5% (6.1%) | Opr Margin | 0.40 | Debt/Equity | - | |||||
| 2025 | $809M | 18.2% (-8.4%) | PreTax Margin | 39.48 | BV/Share | 9 | |||||
| 5Y Average FCF | $648M | 15.5% (-1.3%) | |||||||||
| 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 (15.5%) | ||||||||||
| 2026 | $934M | MBG Intrinsic Value | $20 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $40B | Net Worth/Share | $55 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $32B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $288 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 253 | 272 | 294 | 322 | 357 | |||
| Equity Value | $34B | 7.4% | 251 | 269 | 291 | 318 | 352 | ||||
| Shares Outstanding | 116,443,000 | 7.4% | 249 | 267 | 288 | 315 | 348 | ||||
| 7.9% | 229 | 244 | 261 | 282 | 308 | ||||||
| DCF Intrinsic Value | $288 | 8.4% | 212 | 225 | 239 | 256 | 277 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||