FCPT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($25.67)
DCF	$21.23	-17.3%
Graham Number	$19.30	-24.8%
Reverse DCF	—	implied g: 12.9%
DDM	$30.28	+18.0%
EV/EBITDA	$25.69	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $143.83M

Near-term growth (yrs 1–5)(%)Rev: 10.7% / EPS: 2.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.28%

Computed WACC: 7.28%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × ERP 5.50%)

Cost of debt (Rd)4.43%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)69.87%

Debt weight (D/V)30.13%

Results

Intrinsic Value / share$33.54

Current Price$25.67

Upside / Downside+30.7%

Net Debt (used)$1.19B

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

WACC \ Near-term	2.7%	6.7%	10.7%	14.7%	18.7%
7.0%	$22.47	$28.96	$36.46	$45.08	$54.96
8.0%	$16.24	$21.42	$27.41	$34.29	$42.17
9.0%	$11.93	$16.22	$21.17	$26.85	$33.34
10.0%	$8.78	$12.42	$16.61	$21.42	$26.90
11.0%	$6.38	$9.53	$13.14	$17.28	$22.00

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.10

Book Value / share($)Yahoo: $15.04

Results

Graham Number$19.30

Current Price$25.67

Margin of Safety-24.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.28%

Terminal growth rate(%)

Computed WACC: 7.28%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × ERP 5.50%)

Cost of debt (Rd)4.43%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)69.87%

Debt weight (D/V)30.13%

Results

Current Price$25.67

Implied Near-term FCF Growth7.5%

Historical Revenue Growth10.7%

Historical Earnings Growth2.7%

Base FCF (TTM)$143.83M

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: $1.47

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$30.28

Current Price$25.67

Upside / Downside+18.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $224.46M

Target EV/EBITDA multipleCurrent: 17.9×

Net Debt($B)Default: $1.19B

Results

Implied Equity Value / share$25.69

Current Price$25.67

Upside / Downside+0.1%

Implied EV$4.01B

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

Mult \ Net Debt	$1.19B	$1.19B	$1.19B	$1.19B	$1.19B
13.9x	$17.51	$17.51	$17.51	$17.51	$17.51
15.9x	$21.60	$21.60	$21.60	$21.60	$21.60
17.9x	$25.69	$25.69	$25.69	$25.69	$25.69
19.9x	$29.78	$29.78	$29.78	$29.78	$29.78
21.9x	$33.87	$33.87	$33.87	$33.87	$33.87

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