FENC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.22)
DCF	$-67.09	-916.2%
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: -$2.88M

Near-term growth (yrs 1–5)(%)Rev: 78.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.81%

Computed WACC: 8.81%

Cost of equity (Re)8.54%(Rf 4.30% + β 0.77 × ERP 5.50%)

Cost of debt (Rd)16.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.54%

Debt weight (D/V)6.46%

Results

Intrinsic Value / share$-69.98

Current Price$8.22

Upside / Downside-951.3%

Net Debt (used)-$2.57M

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

WACC \ Near-term	70.7%	74.7%	78.7%	82.7%	86.7%
7.0%	$-86.80	$-97.40	$-109.02	$-121.73	$-135.59
8.0%	$-66.99	$-75.17	$-84.12	$-93.92	$-104.60
9.0%	$-53.53	$-60.05	$-67.20	$-75.01	$-83.54
10.0%	$-43.86	$-49.19	$-55.04	$-61.43	$-68.40
11.0%	$-36.62	$-41.07	$-45.94	$-51.27	$-57.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.26

Book Value / share($)Yahoo: $-0.16

Results

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

Graham Number—

Current Price$8.22

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.81%

Terminal growth rate(%)

Computed WACC: 8.81%

Cost of equity (Re)8.54%(Rf 4.30% + β 0.77 × ERP 5.50%)

Cost of debt (Rd)16.19%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.54%

Debt weight (D/V)6.46%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$8.22

Implied Near-term FCF Growth—

Historical Revenue Growth78.7%

Historical Earnings Growth—

Base FCF (TTM)-$2.88M

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$8.22

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$4.33M

Target EV/EBITDA multipleCurrent: -54.6×

Net Debt($B)Default: -$2.57M

Results

Implied Equity Value / share$6.99

Current Price$8.22

Upside / Downside-15.0%

Implied EV$236.14M

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