Complete TBCH Stock Valuation Analysis
Comprehensive intrinsic value analysis using 4 different methodologies
TBCH DCF Analysis
TBCH (Turtle Beach Corporation) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $240.2M | $258.1M | $372.8M | $422.3M | $472.8M | $523.8M | $574.5M | $624.6M |
| Revenue Growth % | - | 7.5% | 44.4% | 13.3% | 12.0% | 10.8% | 9.7% | 8.7% |
| EBIT | $-51.5M | $-16.4M | $20.0M | $21.1M | $23.6M | $26.2M | $28.7M | $31.2M |
| EBIT Margin % | -21.4% | -6.4% | 5.4% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 0.0% | 17.6% | 18.4% | 19.1% | 19.8% | 20.6% |
| NOPAT | $-38.6M | $-12.3M | $20.0M | $17.4M | $19.3M | $21.2M | $23.0M | $24.8M |
| NOPAT Margin % | -16.1% | -4.8% | 5.4% | 4.1% | 4.1% | 4.0% | 4.0% | 4.0% |
| Capex | $3.5M | $2.2M | $4.9M | $5.7M | $6.1M | $6.4M | $6.6M | $6.9M |
| Capex / Revenue % | 1.5% | 0.8% | 1.3% | 1.3% | 1.3% | 1.2% | 1.2% | 1.1% |
| Depreciation | $5.8M | $4.8M | $11.4M | $10.3M | $11.6M | $12.8M | $14.1M | $15.3M |
| D&A / Revenue % | 2.4% | 1.9% | 3.1% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
| Change in NWC | $-44.1M | $-2.3M | $-3.8M | $4.8M | $4.3M | $3.8M | $3.3M | $2.9M |
| NWC Change / Revenue % | -18.4% | -0.9% | -1.0% | 1.1% | 0.9% | 0.7% | 0.6% | 0.5% |
| Unlevered FCF | $7.8M | $-7.3M | $30.3M | $17.3M | $20.6M | $23.9M | $27.1M | $30.4M |
| UFCF % Chg. | - | -194.5% | 513.9% | -43.0% | 19.0% | 16.1% | 13.8% | 11.9% |
| FCF / Revenue % | 3.2% | -2.8% | 8.1% | 4.1% | 4.3% | 4.6% | 4.7% | 4.9% |
| Discount Factor | - | - | - | 0.901 | 0.812 | 0.732 | 0.660 | 0.594 |
| Present Value of FCF | - | - | - | $15.6M | $16.7M | $17.5M | $17.9M | $18.0M |
| Sum of PV of UFCF | - | - | - | $15.6M | $32.3M | $49.7M | $67.6M | $85.7M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 17.6% |
| After Tax Cost of Debt | 5.7% |
| Risk Free Rate | 4.37% |
| Market Risk Premium | 4.3% |
| Beta | 1.98 |
| Cost of Equity | 12.9% |
| Total Debt | $96.3M |
| Market Cap | $259.0M |
| Total Capital | $355.3M |
| Debt Weighting | 27.1% |
| Equity Weighting | 72.9% |
| WACC | 11.0% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $30.4M |
| Terminal Value | $367.6M |
| PV of Terminal Value | $218.5M |
| Cumulative PV of UFCF | $85.7M |
| Net Debt | $83.3M |
| Equity Value | $220.9M |
| Shares Outstanding | 20.8M |
| Implied Share Price | $11 |
| Current Share Price | $13 |
| Implied Upside/(Downside) | -17.5% |
Valuation Summary
$10.60
Implied Price
$12.86
Current Price
-17.5%
Upside/Downside
11.0%
WACC
TBCH Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 8 peer companies in Technology
P/E Ratio
$12.86
-0.0%
Peer Median: 17.2x
EV/EBITDA
$18.58
+44.5%
Peer Median: 9.2x
P/S Ratio
$8.87
-31.0%
Peer Median: 0.5x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for TBCH's business model and current situation.
Multiple Comparison
| Multiple | TBCH Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 17.2x | 17.2x | 15.7x | 0.0% | Fair Value |
| EV/EBITDA | 8.4x | 9.2x | 12.2x | -8.6% | Fair Value |
| P/S Ratio | 0.7x | 0.5x | 1.3x | 44.9% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.63B | 0.0x | 26.4x | 0.1x | |
| $0.45B | 7.2x | 9.2x | 0.4x | |
| $0.25B | 2.8x | 1.1x | 0.2x | |
| $0.25B | 14.0x | 4.7x | 0.5x | |
| $0.26B | 17.2x | 8.4x | 0.7x | |
| $0.07B | 0.0x | 0.0x | 0.2x | |
| $0.07B | 22.1x | 13.3x | 0.5x | |
| $2998.51B | 31.1x | 22.1x | 7.5x |
TBCH Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $0.75 | Latest 10-K |
| Book Value per Share | $5.79 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$9.88
Intrinsic Value
$12.86
Current Price
-23.2%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 0.75 = 16.86
Step 2: Multiply by Book Value per Share
16.86 × 5.79 = 97.60
Step 3: Take square root
√97.60 = 9.88
Graham Number Result:
$9.88
TBCH Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
0.75 × (8.5 + 2 × 8.0%)
Input Data & Growth Assumptions
Current EPS (TTM)$0.75
Latest 10-K • 2024-12-31T00:00:00
No positive historical growth rates available.
Graham's formula is designed for growing companies. Use the custom input below with a conservative positive growth estimate (5-10%).
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$18.36
Intrinsic Value
$12.86
Current Price
+42.8%
Upside/Downside
Base Formula
Growth: 8.0%