FELE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($99.62)
DCF	$70.40	-29.3%
Graham Number	$46.57	-53.2%
Reverse DCF	—	implied g: 27.0%
DDM	$23.07	-76.8%
EV/EBITDA	$99.03	-0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $74.00M

Near-term growth (yrs 1–5)(%)Rev: 4.3% / EPS: 21.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.24%

Computed WACC: 10.24%

Cost of equity (Re)10.18%(Rf 4.30% + β 1.07 × ERP 5.50%)

Cost of debt (Rd)14.50%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.99%

Debt weight (D/V)5.01%

Results

Intrinsic Value / share$56.89

Current Price$99.62

Upside / Downside-42.9%

Net Debt (used)$134.35M

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

WACC \ Near-term	13.0%	17.0%	21.0%	25.0%	29.0%
7.0%	$77.27	$91.79	$108.39	$127.27	$148.69
8.0%	$61.25	$72.74	$85.87	$100.80	$117.71
9.0%	$50.24	$59.65	$70.40	$82.61	$96.43
10.0%	$42.23	$50.13	$59.15	$69.39	$80.97
11.0%	$36.15	$42.91	$50.62	$59.37	$69.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.22

Book Value / share($)Yahoo: $29.94

Results

Graham Number$46.57

Current Price$99.62

Margin of Safety-53.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.24%

Terminal growth rate(%)

Computed WACC: 10.24%

Cost of equity (Re)10.18%(Rf 4.30% + β 1.07 × ERP 5.50%)

Cost of debt (Rd)14.50%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.99%

Debt weight (D/V)5.01%

Results

Current Price$99.62

Implied Near-term FCF Growth30.9%

Historical Revenue Growth4.3%

Historical Earnings Growth21.0%

Base FCF (TTM)$74.00M

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: $1.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.07

Current Price$99.62

Upside / Downside-76.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $335.77M

Target EV/EBITDA multipleCurrent: 13.5×

Net Debt($B)Default: $134.35M

Results

Implied Equity Value / share$99.03

Current Price$99.62

Upside / Downside-0.6%

Implied EV$4.54B

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

Mult \ Net Debt	-$1.87B	-$865.65M	$134.35M	$1.13B	$2.13B
9.5x	$113.79	$91.32	$68.86	$46.39	$23.92
11.5x	$128.88	$106.41	$83.94	$61.48	$39.01
13.5x	$143.96	$121.50	$99.03	$76.56	$54.10
15.5x	$159.05	$136.59	$114.12	$91.65	$69.19
17.5x	$174.14	$151.67	$129.21	$106.74	$84.27

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