FBIN — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($52.37)
DCF	$25.69	-50.9%
Graham Number	$32.65	-37.6%
Reverse DCF	—	implied g: 12.7%
DDM	$21.42	-59.1%
EV/EBITDA	$52.31	-0.1%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $321.31M

Near-term growth (yrs 1–5)(%)Rev: -2.4% / EPS: -24.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.77%

Computed WACC: 9.77%

Cost of equity (Re)12.58%(Rf 4.30% + β 1.50 × ERP 5.50%)

Cost of debt (Rd)4.42%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)69.06%

Debt weight (D/V)30.94%

Results

Intrinsic Value / share$20.66

Current Price$52.37

Upside / Downside-60.5%

Net Debt (used)$2.55B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$26.09	$35.67	$46.81	$59.71	$74.56
8.0%	$17.67	$25.38	$34.33	$44.68	$56.58
9.0%	$11.83	$18.25	$25.69	$34.28	$44.16
10.0%	$7.54	$13.02	$19.36	$26.67	$35.06
11.0%	$4.26	$9.02	$14.52	$20.85	$28.11

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $2.38

Book Value / share($)Yahoo: $19.91

Results

Graham Number$32.65

Current Price$52.37

Margin of Safety-37.6%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.77%

Terminal growth rate(%)

Computed WACC: 9.77%

Cost of equity (Re)12.58%(Rf 4.30% + β 1.50 × ERP 5.50%)

Cost of debt (Rd)4.42%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)69.06%

Debt weight (D/V)30.94%

Results

Current Price$52.37

Implied Near-term FCF Growth14.9%

Historical Revenue Growth-2.4%

Historical Earnings Growth-24.2%

Base FCF (TTM)$321.31M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.42

Current Price$52.37

Upside / Downside-59.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $890.10M

Target EV/EBITDA multipleCurrent: 9.9×

Net Debt($B)Default: $2.55B

Results

Implied Equity Value / share$52.31

Current Price$52.37

Upside / Downside-0.1%

Implied EV$8.84B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$554.60M	$1.55B	$2.55B	$3.55B	$4.55B
5.9x	$39.32	$31.00	$22.67	$14.35	$6.02
7.9x	$54.14	$45.81	$37.49	$29.17	$20.84
9.9x	$68.95	$60.63	$52.31	$43.98	$35.66
11.9x	$83.77	$75.45	$67.13	$58.80	$50.48
13.9x	$98.59	$90.27	$81.94	$73.62	$65.30

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