FET — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($60.20)
DCF	$103.74	+72.3%
Graham Number	—	—
Reverse DCF	—	implied g: -2.6%
DDM	—	—
EV/EBITDA	$59.56	-1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $78.45M

Near-term growth (yrs 1–5)(%)Rev: 0.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.72%

Computed WACC: 5.72%

Cost of equity (Re)7.57%(Rf 4.30% + β 0.59 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)75.57%

Debt weight (D/V)24.43%

Results

Intrinsic Value / share$228.58

Current Price$60.20

Upside / Downside+279.7%

Net Debt (used)$197.01M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$104.78	$129.47	$158.19	$191.44	$229.73
8.0%	$83.05	$102.93	$126.01	$152.69	$183.39
9.0%	$68.00	$84.55	$103.74	$125.89	$151.35
10.0%	$56.95	$71.06	$87.41	$106.26	$127.89
11.0%	$48.49	$60.75	$74.94	$91.26	$109.98

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.81

Book Value / share($)Yahoo: $26.24

Results

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

Graham Number—

Current Price$60.20

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.72%

Terminal growth rate(%)

Computed WACC: 5.72%

Cost of equity (Re)7.57%(Rf 4.30% + β 0.59 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)75.57%

Debt weight (D/V)24.43%

Results

Current Price$60.20

Implied Near-term FCF Growth-12.3%

Historical Revenue Growth0.6%

Historical Earnings Growth—

Base FCF (TTM)$78.45M

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$60.20

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $52.89M

Target EV/EBITDA multipleCurrent: 16.5×

Net Debt($B)Default: $197.01M

Results

Implied Equity Value / share$59.56

Current Price$60.20

Upside / Downside-1.1%

Implied EV$874.63M

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

Mult \ Net Debt	-$1.80B	-$802.99M	$197.01M	$1.20B	$2.20B
12.5x	$216.74	$128.85	$40.96	$-46.93	$-134.82
14.5x	$226.04	$138.15	$50.26	$-37.63	$-125.52
16.5x	$235.33	$147.44	$59.56	$-28.33	$-116.22
18.5x	$244.63	$156.74	$68.85	$-19.04	$-106.93
20.5x	$253.93	$166.04	$78.15	$-9.74	$-97.63

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