FBIOP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.22)
DCF	$-40.10	-382.0%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$53.36M

Near-term growth (yrs 1–5)(%)Rev: 20.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.87%

Computed WACC: 14.87%

Cost of equity (Re)12.08%(Rf 4.30% + β 1.42 × ERP 5.50%)

Cost of debt (Rd)22.77%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)52.78%

Debt weight (D/V)47.22%

Results

Intrinsic Value / share$-18.52

Current Price$14.22

Upside / Downside-230.2%

Net Debt (used)-$17.93M

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

WACC \ Near-term	12.5%	16.5%	20.5%	24.5%	28.5%
7.0%	$-43.87	$-51.89	$-61.06	$-71.51	$-83.35
8.0%	$-35.07	$-41.42	$-48.68	$-56.94	$-66.30
9.0%	$-29.03	$-34.23	$-40.17	$-46.93	$-54.58
10.0%	$-24.62	$-29.00	$-33.98	$-39.65	$-46.07
11.0%	$-21.29	$-25.03	$-29.29	$-34.14	$-39.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.86

Book Value / share($)Yahoo: $1.80

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$14.22

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.87%

Terminal growth rate(%)

Computed WACC: 14.87%

Cost of equity (Re)12.08%(Rf 4.30% + β 1.42 × ERP 5.50%)

Cost of debt (Rd)22.77%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)52.78%

Debt weight (D/V)47.22%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$14.22

Implied Near-term FCF Growth—

Historical Revenue Growth20.5%

Historical Earnings Growth—

Base FCF (TTM)-$53.36M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$14.22

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$79.90M

Target EV/EBITDA multipleCurrent: -5.4×

Net Debt($B)Default: -$17.93M

Results

Implied Equity Value / share$7.95

Current Price$14.22

Upside / Downside-44.1%

Implied EV$432.75M

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