FDUS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($17.98)
DCF	$13.77	-23.4%
Graham Number	$32.09	+78.5%
Reverse DCF	—	implied g: 11.0%
DDM	$43.88	+144.0%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $45.16M

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: 8.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.40%

Computed WACC: 6.40%

Cost of equity (Re)8.36%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)5.05%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)55.11%

Debt weight (D/V)44.89%

Results

Intrinsic Value / share$32.59

Current Price$17.98

Upside / Downside+81.3%

Net Debt (used)$471.23M

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

WACC \ Near-term	0.5%	4.5%	8.5%	12.5%	16.5%
7.0%	$14.58	$20.02	$26.33	$33.59	$41.93
8.0%	$9.53	$13.88	$18.93	$24.74	$31.40
9.0%	$6.03	$9.64	$13.82	$18.62	$24.12
10.0%	$3.47	$6.54	$10.08	$14.15	$18.81
11.0%	$1.51	$4.17	$7.23	$10.75	$14.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.34

Book Value / share($)Yahoo: $19.56

Results

Graham Number$32.09

Current Price$17.98

Margin of Safety+78.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.40%

Terminal growth rate(%)

Computed WACC: 6.40%

Cost of equity (Re)8.36%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)5.05%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)55.11%

Debt weight (D/V)44.89%

Results

Current Price$17.98

Implied Near-term FCF Growth2.4%

Historical Revenue Growth-2.9%

Historical Earnings Growth8.5%

Base FCF (TTM)$45.16M

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: $2.13

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$43.88

Current Price$17.98

Upside / Downside+144.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $471.23M

Results

Implied Equity Value / share$-12.94

Current Price$17.98

Upside / Downside-171.9%

Implied EV$0

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